Gold Weekly Price Outlook – Gold Continues to See Buyers on Dips

Gold Markets Weekly Technical Analysis

Gold has rallied a bit during the course of the week to reach the $2,800 level, only to turn around and pull back. All things being equal, this is a market that I think will continue to see a lot of upward trajectory over the longer term, but maybe we have gotten a little bit ahead of ourselves. Even if we pull back from here, I think there are plenty of areas where traders will be looking at in order to get long, especially near the $2,700 level and then after that the $2,600 level.

In general, this is a market that I think continues to work in a back and forth manner, but with an overall upward trajectory, an eye on geopolitics that obviously will have a major influence on what happens with this market, as gold is considered to be a safety asset. All things being equal, I do think it is probably only a matter of time before gold goes higher, but we have gotten so overdone at this point, it’s not overly surprising to think that perhaps we will start to take profit.

I look at that as an opportunity to pick up value because quite frankly, this is a market that has ran away from a lot of people. So, there are a lot of people out there that would love to get involved. I think in the longer term, it’s probably only a matter of time before we go looking to the $3,000 level above, which of course is a large round psychologically significant figure that will attract a lot of headlines. If you enjoyed the video, give me a thumbs up and subscribe.

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