Gold Weekly Price Forecast – Gold Markets Break Major Resistance

Gold markets have broken above the crucial $1700 level during the week, and then on top of that close that the top of the range for the week. In other words, this is a very strong sign of strength. However, I would also point out that there seems to be a serious lack of volume which is interesting considering that we are seeing the same thing in the stock markets. Because of this, I think we could get a little bit of a pullback, but it still looks very bullish to me, and the 50 week EMA underneath at the $1500 level should offer plenty of support. Ultimately, if we can break above the top of the range for the previous week that is also another buying opportunity.

Gold Price Predictions Video 13.04.20

From a longer-term standpoint I believe that we are going to go looking towards the $1800 level next, and then eventually the $2000 level after that. That doesn’t mean we get there right away, and therefore I think that a lot of longer-term traders will look to short term charts to pick up value when the market pulls back. The hammer from the previous week is very bullish, as it shows massive amount of support, especially near the $1600 level. In other words, the technical analysis is very strong, and it should be noted that the market has seen increased volatility, which typically means that we are starting to get more people interested in the market, although like I said volume has been a bit suspicious. The more fear out there, and of course stimulus from the Federal Reserve, the higher gold goes.