Gold Weekly Price Outlook – Gold Rallies Towards Highs This Past Week

Gold Markets Weekly Technical Analysis

The gold market has rallied quite nicely during the course of the week, and it looks as if it is going to threaten the $4,400 level before it is all said and done. Breaking above the $4,400 level would mark a fresh new all-time high and is obviously a very bullish sign. It is worth noting that silver has been absolutely on fire, and gold now seems to be playing a bit of catch-up.

The $4,200 level underneath should end up being a bit of support, and as long as the market can stay above there, there is a situation where you have to be a buyer of dips because it offers a little bit of value. Even breaking down below that level would not change this view, as the $3,950 level is still seen as the floor in the market at the moment.

Long-Term Targets and Macro Drivers

As far as the projected target is concerned, gold could be looking as high as $5,400, although that would be a longer-term scenario. It would not happen easily, and it would likely require some type of extension in external pressures within the gold market to make that happen.

At this point, a fresh new all-time high seems likely, but over the longer term, questions remain about sustainability and what this move is signaling. Part of the move appears tied to the global debt super cycle being out of control, with growing concern among investors and central banks alike. For now, there is nothing on the chart or in the fundamentals that suggests gold should be shorted.

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