Gold

Gold Weekly Price Forecast – Gold Markets Form a Hammer

Gold markets have pulled back during the course of the week only to turn around and form a bit of a hammer. By doing so, it looks as if we are ready to continue to see buyers on dips, as the $1850 level continues to be massive support. That being the case, I think it is only a matter of time before we see people jumping in to pick up bits and pieces of value. Ultimately, this is a market that I think is trying to build up a bigger move over the longer term, and it could take quite some time to get the bigger move playing itself out.

Gold Price Predictions Video 23.11.20

Central banks around the world continue to flood the markets with liquidity so it is difficult to imagine how precious metals will not find buyers jumping in. Ultimately, we probably go looking towards the $2000 level, and beyond. However, that does not necessarily mean that we are going to shoot straight up in the air. I think it is going to continue to be more of a grind higher than anything else, and at this point in time I have no interest in trying to short this market. After all, central banks will continue to keep easy monetary policy and that of course is fuel to the fire.

We have been in an uptrend for good reason, and now I have a special interest in the $1800 level as the 50 week EMA is racing towards it. Shorting is something I have no interest in doing, and therefore I will be looking for opportunity to get long.

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