Gold (XAUUSD) Weekly Price Outlook – Gold Has a Tough Week

Gold Markets Weekly Technical Analysis

Gold markets have fallen pretty significantly during the course of the trading week to break down below the crucial $3,200 level. That being said, we have bounced a bit on Thursday and Friday is at least trying to recover some of the losses that it initially started with. So, I think we still have a lot of fight in the gold market. And it is still most certainly an uptrend overall.

That being said, I think breaking above the $3200 level is the real goal here. And if we can, then it would be a very bullish sign. If we were to break down below the low of the weekly candlestick, then I think it opens up a move to the $3,000 level, which obviously is a large, round, psychologically significant figure and an area that would capture a lot of headlines.

The $3,500 level above has been like a massive ceiling in the market. And I think ultimately that is going to be very difficult to break above if and when we can. And I think this is a longer term project, then we can go much higher. Keep in mind that there are still plenty of reasons out there to be somewhat cautious and therefore the fear trade in gold probably isn’t dead yet. Despite the fact that some of the worst headlines coming out of the trade war and tariff situation have been somewhat abated. I remain bullish. The question is, do I buy above $3200 or do I get a chance to buy gold at a lower level? That’s really the only question I’m looking at right here.

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