Gold Weekly Price Forecast – Gold Markets Pullback After Parabolic Move

Gold markets had formed a massive shooting star during the previous week, and we did in fact break down below there. The Tuesday session had seen gold markets lose roughly $100 level, which of course is a very huge move. Ultimately though, this is a market that found support at the 50 day EMA, pictured on the daily chart. We have recovered quite nicely, but Friday has been a little bit negative. Ultimately, this is a market that needed to see a little bit of stability, so pullback should continue to offer buying opportunities going forward. The $1800 level would be a massive support level that I would stand up and take a massive trade from, because I think that would be a major support level.

Gold Price Predictions Video 17.08.20

Ultimately, this is a market that had gotten ahead of itself so we may have a couple of weeks of the market trying to stabilize itself, which makes quite a bit of sense considering that we are in the midst of vacation season. Ultimately, this is a scenario where we will have a lot of buying opportunities, but I do think at the end of the day you need to pick your spots and perhaps add slowly. If we break out above the $2100 level, then I think we go looking towards when $2250 level above, as it is the next somewhat large figure that we would be looking at. Either way, I have no interest in shorting this market anytime soon until the Federal Reserve changes that policy.

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