Gold Weekly Price Forecast – Gold Markets Continues to Look Strong

Christopher Lewis
Published: Jun 14, 2024, 14:35 GMT+00:00

The gold market has rallied a bit this past week, from a crucial support level near the $2300 level. This is an area that traders have been watching time and time again. This is a market that has plenty of reasons to go higher over the longer term.

In this article:

Gold Markets Weekly Technical Analysis

Gold has rallied during the week as we continue to see the $2,300 level offer support. This is not a huge surprise considering all of the geopolitical issues that are going on right now. And of course, the fact that the $2,300 level has been so important multiple times in the past. With this, I think you’ve got a situation where the market participants are going to continue to go back and forth, looking for some type of reason to break out, and I do think eventually they will find them now. Keep in mind that the market had recently shot straight up in the air, so I suspect most of what we are seeing here has more to do with the idea of simply working off some of the excess froth.

The $2,400 level above should continue to be a bit of a target, and if we can close above there, I suspect that the next time we do, we will continue to go much higher. I do like the idea of owning gold. I think geopolitics alone makes it interesting, but keep in mind that central banks around the world are collecting gold as well, so you have a built-in buyer.

Beyond that, you have profligate borrowing by, well, the United States at a trillion dollars every 90 days. So that of course puts upward pressure on gold. And at this point in time, just simple momentum is in your favor from the longer term standpoint.

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.

Did you find this article useful?