Gold Weekly Price Forecast – Gold Markets Show Signs of Resiliency for the WeekGold markets pulled back during the week but found enough buying pressure above the $1700 level to turn around and form a hammer. That is a very bullish sign.
Gold markets initially pulled back during the week, reaching towards the $1700 level, before bouncing significantly to form a bit of a hammer. The hammer of course is bullish candlestick, but we have plenty of resistance above that could get in the way. If we can break above the 1007 and $75 level, then the market might go looking towards the $1800 level. That is the gateway to much higher pricing and quite frankly I think the fundamentals are starting to line up quite nicely for gold.
Gold Price Predictions Video 22.06.20
At this point, I think we continue to buy dips and eventually we will do that breakout move. The central banks around the world continue to be very loose with monetary policy and that of course is particularly good for gold longer term. Ultimately, I think that gold will find plenty of reasons to go higher, not just central bank easing but the fact that the entire world is essentially a mess right now.
With coronavirus seemingly never going away, that could cause some issues, and of course we have various other issues such as Brexit, recessions, and unemployment spiking in the United States. All things being equal I do not see a reason why gold would pullback, but if it does you have to look at it as value. Quite frankly, I think that this is going to be the story for 2020 and 2021, gold taking off to the upside for the longer-term move.
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