Gold Weekly Price Forecast – Gold Markets Continue To March Higher

Gold markets initially gapped higher during the week, but then pulled back to show signs of weakness, and to fill that gap. However, we have turned around to show signs of strength again and it looks very likely that the market is going to go looking towards the $1600 level above which has caused significant resistance. I think pullbacks at this point continue to be buying opportunities, and if the market was to break above the level, then it allows the gold market to continue to go towards the upside and towards the $1800 level. At this point, the coronavirus continues to put a lot of downward pressure on risk assets in general, so keep that in mind as well. Gold is being used as a safety play, and it’s obvious that we have further to go. Once we break above the top of the shooting star from a month ago, that opens the floodgates to the upside.

The $1500 level underneath is a massive support level, which is going to have the 50 week EMA reaching towards it rather soon, which of course is very supportive. Ultimately, this is a market that should continue to see buyers, so look at pullbacks as a potential buying opportunity. Ultimately, the market continues to look extraordinarily bullish, but obviously markets can’t go in one direction forever. Because of this, this is a one-way market and you should be looking at it as such. Selling is all but impossible anytime soon, and unless something changes drastically with the rest of the world, it’s hard to imagine the gold markets falter there, looking to march higher.