Gold Weekly Price Forecast – Gold Continues to See Buyers For The Week

Gold Markets Weekly Technical Analysis

The gold market has pulled back initially during the course of the week only to turn around and show signs of strength again. At this point, I believe that the $2,530 level continues to be a bit of a floor in this market, and I do think that you will have to pay close attention to it.

As long as we can stay above there, I believe the gold continues to go much higher. And quite frankly, I think $3,000 is a very realistic target. Although we are getting a little stretched. The federal reserve cutting interest rates by 50 basis points and the Japanese failing to tighten suggest to me that interest rates are going to become lower and lower around the world. And if that’s going to be the case, that does help gold.

There are plenty of geopolitical concerns as well, so that obviously comes into the picture also to perhaps drive the value of gold higher. Short-term pullbacks, I think, continue to be buying opportunities, and at this juncture, I see the $2,530 level, the $2,500 level, and the $2,400 level all offering significant support. So, this is clearly a one-way trade. But what you want to do is find a little bit of value. You don’t necessarily want to chase gold as it’s running very hot. You want to find opportunities. And that will of course take a certain amount of patience.

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