Gold Weekly Price Forecast – Gold Markets Running Into Resistance

Gold markets initially fell during the week but then shot straight up in the air to go towards the $1760 level. There is a significant amount of resistance above and the fact that we pulled back suggests that the market may go looking towards the $1700 level next. This is a market that has been in an extraordinarily strong uptrend, and as a result there have been a lot of buyers. Having said that, there are sellers above and it certainly looks as if the market may be getting a little ahead of itself. Longer-term, I do believe that we go towards the $1800 level, possibly even the $2000 level after that.

Gold Price Predictions Video 27.04.20

I also recognize that the $1650 level and the $1600 level will offer significant support. In other words, I believe that the market is going to continue to see a lot of noise, but ultimately, we are still very much intact as far as the upside is concerned. Central banks around the world continue to cause major issues as they fled the markets with cash, driving up significant demand for hard currency such as gold.

Furthermore, there is also the safety trade that you need to be aware of, as the world has shut down the global economy it makes quite a bit of sense that we will continue to see gold will rally as a way for people to protect their wealth. Eventually, the market will probably have to pull back and form a bit of a base and that might be what we are starting to see here. Regardless, I will be a seller and I will only buy this market on signs of support.