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Gold Weekly Price Forecast – Gold Markets Continue to Rally

By:
Christopher Lewis
Published: Apr 12, 2024, 14:04 GMT+00:00

The gold market rallied again during the trading week, as we continue to see a lot of momentum trading in general.

In this article:

Gold Markets Weekly Technical Analysis

Gold on the weekly chart has shown three consecutive large candles in a row, and we are well above the 70 level in the Relative Strength Index. Regardless, this is a market that is showing no signs of pulling back, despite the fact that quite frankly, it could probably use a pullback.

A pullback should represent a nice buying opportunity, and therefore I think a lot of people would be very interested in it if and when it happens. The $2,200 level underneath should be a massive support level based on the daily chart. And of course, we have the psychological levels between here and there, meaning 2323, 2350, etc. So, with all that being said, I suggest that perhaps even if you are looking to trade off of a higher time frame, perhaps holding on to the position, you probably need to drill down to the daily chart in order to find your entry point and exit points, as it were.

At this juncture, there’s really nothing on this chart that doesn’t suggest that we are going to make it to $2,500 eventually, so that target remains very much in play that I’ve been talking about for some time. Whether or not we get there in the next candlestick or two remains to be seen. But clearly, there are plenty of geopolitical issues out there that could drive this market much higher.

Short term pullbacks continue to get bought into from everything that I see on this chart, as the momentum has clearly taken over in general. This is a situation where you cannot fight this massive momentum, and recognize that we are in a huge run higher over the longer-term.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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