Gold Weekly Price Forecast – Gold Markets Continue to Show Resilience

Gold markets have pulled back a bit during the trading week, only to show signs of strength again just above the $1900 level. I do believe that the $1900 level is going to continue to offer a bit of support, but at the end of the day I think you have to be very cautious about getting overly bullish as the US dollar seems to be trying to recover.

Gold Price Predictions Video 14.09.20

Longer-term, I think that we do break out and go higher based upon a whole plethora of reasons, not just the Federal Reserve. Gold offer safety for some people, and that of course is something that could be helpful. However, keep in mind that gold sometimes get sold off in order to cover margin calls in the stock market, something that it is a very real possibility right now. With that being the case, I think that we are looking at a scenario where you can think about longer-term “buy-and-hold” scenarios.

If we were to break down below the $1900 level, that does not necessarily mean that I am a seller. I would be interested in buying it $1800 underneath, because it was so structurally important in the past. Beyond that, I think that the market will do everything it can to find buyers, but if we were to break down below the $1800 level then I think we have to kind of rethink the entire situation. Longer-term, I believe that gold goes the 2500 based upon a whole slew of things including the Federal Reserve, global growth stopping, and of course geopolitical issues such as traits bounce between the United States and China. I have no scenario in which I am selling currently.

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