Gold Weekly Price Forecast – Gold Markets Have Rough Week
Gold markets sold off rather drastically during the course of the week, as you can see on this chart. The most difficult session by far was Monday.
Gold markets had a tough week, but the weekly chart itself might be a little bit misleading. This is mainly due to the fact that almost all of the losses were on Monday by itself. This was in reaction to the announcement that a vaccine was out there in late stage trials ahead a 90% effective rating. That had people going full “risk on” on Monday, but we have since seen risk appetite dwindle. In other words, this work against the value of hoarding gold for a safety trade, but we are already starting to see the $1850 level offer support again, and as a result I think that there is a big “zone of support” extending from $1850 down to the $1800 level.
Gold Price Predictions Video 16.11.20
The $1800 level underneath is an area that we had seen a major breakout from, so do not be surprised at all to see buyer step in there as well. The 50 week EMA is starting to race towards that level, and on the daily chart there is the 200 day EMA. At this point in time, it is difficult to suggest that the market is anything but a bullish trend, so I have no interest in shorting, and I do believe that pullbacks should continue to be looked at as potential buying opportunity, as the market will continue to see plenty of reasons to go higher. I quite frankly believe that gold is in the early part of a massive bullish run, just as I feel the same way about silver. This is not necessarily against the US dollar; it is against all currencies from what I am seeing.
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