Gold Weekly Price Outlook – Gold Continues to Rise for the Week

Gold Markets Weekly Technical Analysis

The gold market has rallied a bit during the trading week as we are now approaching the $4,500 level. The jobs report has come and gone, and it was a little weaker than anticipated, which pretty much led the market into more of the same type of action that we’ve seen.

I do think that the $4,400 level now is trying to cement itself as some type of floor. When I say $4,400, I mean it’s a range, probably down to $4,350. To the upside, the $4,600 level has been difficult to overcome, but if and when we can, then it opens up a move, I believe, based on the measured ascending triangle to the $4,900 level.

The Path Toward $5,000

The $4,900 level, then of course, would open up a move to $5,000, which I think we’ll see sometime in 2026. That being said, we have expended a lot of energy to get here, and therefore, a little bit of back-and-forth grinding and trying to build up momentum is probably the best way forward.

If we do fall from here, it could open up a move down to the $4,200 level, where I would expect to see even more support. I have no interest whatsoever in shorting gold as central banks around the world continue to accumulate it.

The economy seems to be softening a bit. We have central banks around the world that are either easing monetary policy or have already, or perhaps you can look at the debt situation. It all says the same thing. It all says gold should go higher.

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