Gold Weekly Price Forecast – Gold Continues to See Upward Momentum

Gold Markets Weekly Technical Analysis

You can see we broke above the shooting star from last week. And that’s a very bullish sign. In fact, that’s one of my favorite patterns, a failed shooting star, because that tells me that the sellers came in and tried to push the market down. And now they’re losing money. So, this quite often will lead to a much bigger move. With that being said, I think we have to look at this through the prism of a longer term move to the $2,500 level. And I do think that short term pullbacks at this point in time will continue to be buying opportunities. Gold is rocketing higher for a multitude of reasons, including geopolitics, central bank buying and of course, potential interest rate cuts.

Quite frankly, this is not an environment where a lot of risk taking is easy to do and therefore gold makes a lot of sense. At this point in time, the $2075 level is now the floor in the market as it was such a significant resistance barrier previously. It certainly looks based on the candlestick of last week, which was just four days, that there is a lot of buying pressure out there.

And with that being the case, I think we’re going to see a bit of a melt up. I believe that this market is going to at least $2,500 in the next several weeks, but we may even eclipse that. Any pullback at this point in time, you have to look at as a potential buying opportunity as gold has been so bullish.

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