Gold Weekly Price Forecast – Gold Markets Show Strength Again

Gold markets initially pulled back during the week, reaching towards the $1900 level before bouncing a bit. Ultimately, the market should continue to go a lot of choppiness, but as the Federal Reserve has raised the bar again for interest rate hikes, it makes sense that the gold markets will continue to rally, right along with the other precious metals markets. That being said, we have a negative looking candlestick from the previous week, so we may end up being worthwhile to pay attention to short-term charts before making a longer-term trade. Ultimately though, it does make sense that we are going to see buyers try to jump into this market to protect their wealth.

Gold Price Predictions Video 31.08.20

To the downside, the $1900 level is most certainly supportive, but even if we break down below there, I think that the $1800 level is a massive amount of support. In fact, I would be extraordinarily aggressive buying gold down at the $1800 level that I do not think we get there anytime soon. It is very likely that we continue to grind back and forth between $1900 and $2000 in the short term, but ultimately, I fully anticipate that we are going to break out given enough time, perhaps reaching towards the $2100 level.

Expect a lot of noise, but that seems to be the norm for markets overall right now, and with the various catalyst out there it makes sense that we will continue to see a lot of noisy conditions. We most certainly are in an uptrend though, so one would have to favor the upside.

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