Gold Weekly Price Forecast – Gold Shows Bullish Candle for the WeekGold markets rallied a bit during the week, as we had a volatile a few sessions including the US elections, FOMC Minutes, and of course the jobs figures.
Gold markets rallied rather significantly during the trading week, reaching towards the $1960 level. That is an area where we have seen a lot of supply so it should not be a huge surprise that we have stopped in that general vicinity. We are closing towards the top of the weekly candlestick though, so what I look at this market through the prism of is bullishness. This does not mean that we cannot pull back a bit, and quite frankly I think we will eventually.
Gold Price Predictions Video 09.11.20
If we can break above the top of the candlestick, I would anticipate that the market probably goes looking towards the $2000 level, which of course is a large, round, psychologically significant figure that will attract a lot of attention. In the short term though, I believe that the market is probably looking to have a short-term pullback, if for no other reason than the fact that the US dollar is oversold. I would be looking to buy gold on a dip, because longer term it should continue to go much higher. With that being the case, I like the idea of taking advantage of “sheet-metal”, in both the gold and the silver markets as central banks around the world will continue to flood the markets with liquidity and try to kill their respective currencies.
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In fact, I like gold in almost any currency, not just the US dollar. That being said, we cannot go straight up in the air forever, and as gold is concerned it becomes more of a significant investment that a trade from what I see. I believe the $1800 level underneath is massive support and essentially the “floor the market.”
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