Gold Weekly Price Outlook – Gold Has a Very Strong Week

Gold Markets Weekly Technical Analysis

The gold market has risen rather significantly during the course of the trading week as it looks like we are trying to get back to the $3,500 level. The $3,500 level is an area that has been massive resistance, and now it looks like we are going to try to take out the top of that massive shooting star. If that happens, we’re going to rip higher yet again. This is probably something that might be settled over the weekend as well, as headline risks are certainly out there at the moment.

We’re obviously in a very bullish long-term move, and short-term pullbacks, think, at this point in time are very likely impossible, but as I’ve been saying for a while, I think we’re basically going to stay in this $300 range between $3,200 underneath and $3,500 above. If we can break above $3,500, then it’s likely that the market goes looking to the $3,800 level. Breaking down below $3,200 would be significant, but I’m not worried about gold until it breaks down below the $3,000 level. At that point, I would have to ask a lot of questions.

All things being equal, this is a market that I think continues to be very noisy, but at the same time, it continues to be very headline driven due to the fact that the situation in the Middle East just got quite a bit more dangerous. Because of this, I think we will continue the uptrend given enough time. Pullbacks offer value in this very bullish market at the moment.

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