Gold Weekly Price Forecast – Gold Continues to Rally Longer Term

Gold Markets Weekly Technical Analysis

The gold market has rallied rather significantly during the course of the week, as we continue to see a lot of money coming into the picture and pushing gold higher. After all, the Federal Reserve last week cut interest rates by 50 basis points, and therefore it continues to see the market is probably going to be a scenario where any dip gets bought into, and I think that’s the way to go here. Now that doesn’t necessarily mean that we won’t pull back, and it doesn’t necessarily mean that we won’t pull back significantly.

Quite frankly, we are overdone, so it’s very difficult to chase gold all the way up at this very high level. However, if we were to drop down to an area near the $2,600 level, I’m willing to start having the conversation about buying more gold. Below there, we have the $2,530 level, and then finally, the $2,475 level. The market has recently seen a major impulsive move, so don’t be surprised at all if it calms down a bit.

The Federal Reserve cutting rates the way it has put a turbo charge into the gold market, but it’s been rallying for some time and it’s not just about Federal Reserve interest rates or central bank interest rates for that matter. It’s about geopolitical concerns and of course, the fact that several large central banks in the East are buying gold hand over fist. So, it all has plenty of reasons to go higher and I think you need to continue to look upwards.

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