Gold Weekly Price Forecast – Gold Markets Sluggish

Gold markets have gone back and forth during the course of the week, reaching towards the $1880 level, but then pulled back as we simply have no clarity when it comes to stimulus coming out the United States. I think that is the biggest driver of gold right now, it is worth noting that although the political situation in the United States continues to be very contentious, the reality is that eventually they will pass some type of stimulus and therefore longer-term traders are starting to look at the idea of buying gold. However, based upon the price action it is very possible that we get a short-term pullback that you can take advantage of.

Gold Price Predictions Video 14.12.20

The 50 week EMA underneath should be supportive, right around the $1800 level. I think at this point in time it is likely that we either pullback towards their or we get a break above the top of the candlestick for the week which also show signs of momentum increasing, probably after some type of stimulus deal. At that point, the $1900 level would be targeted, followed by the $1950 level after that. All things being equal, this is a market that is probably going to go looking towards the $2100 level above, which was where the market had stalled before this most recent pullback.

Pay attention to the US Dollar, if the US Dollar continues to fall then it is very likely that gold will rally in response. That being said, we are simply waiting to see what Pelosi and McConnell do over the next couple of days. With that in mind, I do remain bullish, but I recognize that we could have a small pullback.

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