Gold Weekly Price Outlook – Gold Has a Strong Week

Gold Markets Weekly Technical Analysis

The week has been pretty good for gold as we continue to rise overall and see a lot of upward momentum based on a plethora of reasons, not the least of which would be the fact that the US dollar is starting to lose some of its strength. With that being said, I think you have to look at this as a potential buy on the dip type of market. And I do think that gold eventually goes looking to the $3,500 level.

It doesn’t mean that there won’t be problems along the way, but I think at this point, $3,200 has shown itself to be fairly significant support. We’re most certainly in a massive uptrend and with the US dollar shrinking a bit, or at least showing cracks, and at the same time we have geopolitical issues as well as questions about the global economy, it all lines up quite nicely for gold.

There are several central banks out there looking to loosen monetary policy, and that, of course, comes into the picture as well, making gold that much more attractive. If we were to break down below the $3,200 level, the $3,000 level is your next support level. But really, at this point in time, I think we’re going to spend more time going back and forth in this general area in order to work off some of the excess froth from the massive move higher. If and when we break the $3,500 level, that opens up a move to $3,800.

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