Gold Weekly Price Forecast – Gold Markets Explode To The Upside In Risk Off MoveGold markets rallied rather significantly during the week, breaking above the $1550 level, showing signs of continuing much higher. Ultimately, this is a market that will continue to see a lot of money flowing into it as we worry about the United States and Iran saber rattling.
Gold markets broke higher during the week, and especially on Friday as it was announced that the Americans had killed and Iranian general. This of course had people flowing into the gold market, showing signs of fear yet again. Having said that, gold has been rallying for some time and it’s obvious that this was essentially the excuse that they needed. We have driven much higher and it’s likely that we will reach the highs again and eventually break out. That doesn’t mean that we can’t pullback in the meantime, but I would anticipate that the $1525 level should offer support. With that in mind I like the idea of looking for value in this market, just as I have been saying for a while. The fact that we exploded to the upside doesn’t necessarily mean that it’s changed anything.
Gold Technical Analysis Video 06.01.20
The candlestick is very strong and having said that it should have some follow-through eventually. That doesn’t necessarily mean that the market needs to go straight up in the air, and it doesn’t necessarily mean that we can’t have strong pullbacks. Quite frankly we have a ton of geopolitical concern out there right now so it would not be surprising at all to see this market go back and forth and then shoot to the upside. The 50 week EMA is starting to reach towards the $1500 level, an area that will course attract a lot of attention as well. Gold looks like it’s ready to go much higher.