Gold Weekly Price Forecast – Gold Markets Form Neutral Candlestick

Gold markets went back and forth during the trading week, breaking above the $2000 level initially but then collapsing again. Ultimately, the market is forming a bit of a shooting star for the week. That obviously negative, as the $2000 level looks to be a major psychological barrier. The $1900 level underneath should offer support but if we break down below there then the $1800 level will be even more interesting for longer-term traders. Ultimately, I think that a lot of buyers are waiting for gold to get back to that level.

Gold Price Predictions Video 24.08.20

The US Dollar Index as tested a major trend line on the weekly chart and bounds to, so this could provide a little bit more in the way of headwinds when it comes to gold. Do not get me wrong, I think there are plenty of reasons for gold go higher beyond the US dollar, but we have perhaps gotten a bit ahead of ourselves recently. With that being the case, I think that the market will ultimately pullback only to find value hunters.

Gold is most certainly bullish, just as other precious metals are, but at this point in time may have gotten far ahead of itself and therefore a little bit of gravity could be good for the longevity of the move. If we did turn around a break above the top of the candlestick for the week though, then we would almost certainly go looking towards the 2100 level again. A break above there obviously continues the longer-term uptrend and would more than likely signify the US dollar falling even further.

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