Gold Weekly Price Forecast – Gold Markets Break Out For The WeekThe gold markets broke out during the week, clearing the $1600 level in a very bullish run. At this point, the market looks as if it is ready to go much higher given enough time.
Gold markets have broken out above the crucial $1600 level during the week, as the central banks around the world continue to loosen monetary policy. At this point, the market is likely to see plenty of bullish pressure due to the fact that central banks are doing that, but of course the Chinese coronavirus continues to be a major issue. There is a lot of fear out there, and therefore if the market pulling back happens, that should offer plenty of value in a market that shows extraordinarily strong momentum.
Gold Price Predictions Video 24.02.20
By breaking down below the $1600 level, the market should then go down to the $1550 level, and then possibly even the $1500 level. Okay be wrong, I don’t expect that to happen, but it is a possibility. The candlestick breaking out the way it has for the week shows that we should continue to go much higher. Pullbacks should be looked at as opportunities and not something to be feared. Quite frankly, it’s a value proposition, and it should be noted that the gold market is extraordinarily bullish if you keep in mind just how strong the US dollar has been at the same time.
This breakout looks like the real thing, so therefore I do believe that eventually we go looking towards the $1800 level based upon longer-term analysis. With that, plenty of buyers are still out there looking for an opportunity to pick up gold “on the cheap”, and I think you will see that time and time again. Ultimately, selling is all but impossible at this point.