Gold Weekly Price Forecast – Gold Markets Rally Into The Holidays

Gold Price Predictions Video for 26.12.23

Gold Market Weekly Technical Analysis

Gold markets have rallied during the course of the week to break above the $2050 level, showing a potential move to the $2075 level. If we can break above that level, then it’s likely that we could continue to go much higher. Short-term pullbacks are possible, but in general this is a situation where the market has been very bullish for some time, with the exception of that crazy week we had a couple of weeks ago.

All things being equal, I think the $2000 level underneath is a major support level, and therefore I think it offers a major level to pay close attention to. If we were to break down below the $2000 level, it would be very negative, perhaps sending the market into a much deeper correction. That being said though, I think it’s obvious that the market has shown itself to be excited that the Federal Reserve is loosening monetary policy, therefore I think gold will continue to do quite well. All things being equal, short-term pullbacks end up being buying opportunities, and therefore you have to look at him as such. Until the Federal Reserve changes its monetary policy and turns around and goes tight, I think you have a really good shot of gold continuing to show buying pressure to the upside.

The one thing that would work against gold might be if there’s a sudden rush into the US dollar, based on fear, but that would be a short-term effect as eventually gold would be bought to protect wealth as well. I think 2024 is going to end up being a very good year for the gold market, but the next week is trapped between Christmas Day and New Year’s Day.

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