Gold Weekly Price Forecast – Gold Markets Pressing TrendlineThe gold markets initially fell during the week, but by the time we closed business in America, it looks as if we are pressuring a major downtrend line.
Gold markets initially fell during the trading week, but then turned around to show signs of strength again. By the time we closed out for the week, we were pressing the major downtrend line I have drawn on the chart. This could signify that we are getting ready to break out, and clearly the US dollar getting hammered the way it has been as of late will only add to the likelihood of that move.
Gold Price Predictions Video 04.01.20
The candlestick looks a bit like a hammer, and it was preceded by a neutral candlestick, so it suggests that we are going to continue to grind away and try to go to the upside. Furthermore, central banks around the world continue to offer plenty of stimulus and liquidity, so that should continue to favor the gold markets going higher as well. After all, it is a way to preserve wealth when you are trying to get away from fiat currencies. All things being equal, I do believe that it is only a matter of time before we see value hunters coming in on any type of dip, as there seems to be significant support all the way down to about $1800.
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I do believe that we go looking towards the highs again, and it is worth noting that we have only pulled back 38.2% in the Fibonacci retracement tool, which typically means that we have further to go. Ultimately, I think it is probably a scenario where we continue to pick up the momentum, and eventually get some type of explosive breakout. Pay close attention to the US Dollar Index, as it is threatening a breakdown.
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