Gold Weekly Price Outlook – Gold Attempts to Break Out

Gold Markets Weekly Technical Analysis

The gold market has initially tried to rally during the trading week and did at one point in time really make a go of breaking through the $4,400 level, but it has since somewhat slowed down, and it looks like it’s just looking for momentum. With this being the case, this is a market that is still coiling, but the momentum hasn’t been released.

That’s not a huge surprise. We have Christmas next week, so it’ll be interesting to see how that plays out. But as things stand right now, I think short-term pullbacks continue to be buying opportunities, and according to the candlestick, you might get one.

Pullbacks Still Viewed as Value

$4,200 would be very interesting, and $4,000 would be extraordinarily interesting as the entire idea behind owning gold is still a valid argument. We have had a significant amount of economic concern out there for a while. So it does make sense that gold would be bought. Plus, we have geopolitical issues. We have combat on the continent of Europe still. And of course, we have the central banks around the world buying gold to shore up their balance sheets.

So, with all of that being said, it has a lot of lift to it. And there are a lot of reasons for gold to continue higher. At this point, anytime it pulls back, you have to be thinking like it is on sale, not that it is starting to fall apart. In fact, it’s not until we break down below roughly $3,900 that I think we get a deeper correction.

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