Gold Weekly Price Forecast – Gold Markets Have Good WeekGold markets rallied significantly during the trading sessions that made up the week to reach towards the $1700 level. At this point, the market is consolidating, perhaps trying to build up enough momentum to go higher.
Gold markets have gone back and forth during the week, with more of an upward tilt than anything else. At this point it looks as if the market is trying to break out above the $1700 level, which is an area that has offered resistance previously. That being said, if the market is to break above the $1700 level it’s likely that the market could go looking towards the $1800 level.
Gold Price Predictions Video 09.03.20
Gold is of course being used as a safety trade, and as a result it’s likely that we could continue to go higher on dips. Pullbacks offer value in a market that continues to see plenty of strength. My longer-term target has been $1800 for a while, and even if we get there, I think it’s only a matter of time before we break out before that happens. Ultimately, looking at the market it’s obvious that with the US dollar suffering at the hands of the 50 basis point cut, gold will continue to show plenty of strength. Furthermore, other central banks around the world continue to loosen monetary policy and of course cut rates. With that, gold has plenty of reasons to think it should go higher.
I have no scenario in which I want to short this market, and I believe that not only will $1600 will hold, but furthermore $1550 will as well. At this point, I like the idea of buying dips and building a larger position. Loose monetary policy has only just started so this of course will continue to drive gold to the upside.