Gold Weekly Price Forecast – Gold Markets Have Another Good Week

Gold markets initially fell during the week, but then turned around to recover quite nicely to break above the top of the shooting star from the previous week. This suggests that perhaps gold is trying to turn things around and take off again. The $1900 level will offer a certain amount of psychological and structural resistance, but I do think that we break above there and eventually go challenge the $1950 level. That being said, it does not mean that we get there right away.

Gold Price Predictions Video 21.12.20

Underneath, the 50 week EMA is currently sitting just below the $1800 level, which in and of itself is a somewhat psychologically important level. With this being the case, I think that it is only a matter of time before buyers would show up anyways, so I do not have any interest in shorting. The 38.2% Fibonacci retracement level is just under there as well, so I think that it is only a matter of time before it would attract attention based upon that as well.

It is not until we break down below the $1700 level that I would be concerned about gold, and quite frankly even though it has been a significant pullback from the top, it is not as if it has been aggressive. In fact, it has been more or less like a gentle malaise going forward, and I think at this point were waiting to see whether or not stimulus actually gets done. It should be noted that during the week it became much more likely based upon recent comments, so that is something to pay attention to.

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