Gold Weekly Price Forecast – Gold Markets Close Out the Week With Strength

Gold markets have initially fallen during the course of the week, but then turned around to rally quite significantly. At this point in time, we are testing a little bit of a downtrend line, but it certainly looks as if gold is trying to get towards the $1835 level. The $1835 level is an area that I think it opens up a bigger move, more of a “buy-and-hold” type of situation where gold goes much higher. The Thursday and the Friday session were both very bullish, and therefore I think you need to look at this through the prism of momentum, and if that momentum can continue, we should see a serious attempt to break out.

Gold Price Predictions Video 08.11.21

On the other hand, if we were to turn around a break down below the bottom of the candlestick for the week, then it is likely that we go looking towards the $1700 level. At this point, the market continues to be very noisy, and therefore I think you need to see this as a situation where you will see momentum continue to drive it more than anything else, and that of course is something that you need to be cognizant of. If we do get a breakout to the upside, then we more than likely will see it move rather quickly. A move lower would probably be more of a grind than anything else, but it is worth noting that the US Dollar Index will of course have to be paid close attention to, as it has a significant negative correlation to the gold market.

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