Gold Weekly Price Analysis – Gold Continues to Look for Buyers to Jump In

Gold Markets Weekly Technical Analysis

The gold market has gone back and forth during the totality of the week as we continue to use the $5,000 level as a bit of a fulcrum for price as we go back and forth. It does make a certain amount of sense that we continue to see neutral behavior after the shooting star from a couple of weeks ago, the hammer from last week, and now we’re just right here at a large round figure.

It shows that the market has no idea where to go next, although one would assume that sooner or later consolidation leads to continuation. That makes sense as the gold market has plenty of reasons to go higher over the longer term.

Consolidation Before the Next Leg Higher?

After all, we have the Federal Reserve likely to cut some basis points out of its interest rates this year, but at the same time, we also have massive debt out around the world that people may be concerned about. There are geopolitical tensions as per usual, but at the end of the day, it’s just an uptrend. You don’t need to overcomplicate it, and short-term pullbacks continue to be bought into. We just don’t have any follow-through.

Yet maybe we spend some time going sideways. I think that makes a certain amount of sense because quite frankly, we got here too quickly. And in this environment, I certainly wouldn’t want to get short of the market. But I do think that if we get a couple of hundred-dollar pullback, that should offer enough value to attract even more traders. Eventually, it would not surprise me at all to test the highs yet again.

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