Gold Weekly Price Forecast – Gold Markets Continue to Flirt With $1700

Gold markets initially fell during the week but ended up finding a bit of support in the region the $7800, as we ended up forming a bit of a hammer during the day on Friday. Ultimately, this is a market that is in an uptrend and it looks like we are trying to form some type of choppy range in this general vicinity. Even if we broke down from here, it is not until we clear the $1600 level that I would become even remotely concerned about gold. After all, the most recent selloff that we have seen has been due to the necessary liquidation of winners to cover for massive losers in the stock market.

Gold Price Predictions Video 04.05.20

All that being said, it is likely that the market will continue to see a lot of volatility, as the gold market is more than likely going to continue to be lifted due to the fact that the Federal Reserve and other central banks are throwing money into the market. This devalues fiat currencies, so as a result it makes sense that gold becomes a much more enticing. Beyond that, we also have a lot of concerns around the world that could continue to boost gold longer term. Ultimately, I think that the market will go looking towards the $1800 level. With that being the case, the market is likely to pull back a bit from there but if we can break above the $1800 level, nothing stands in the way of it going to the $2000 level over the longer term.