GLD

Gold Weekly Price Forecast – Gold Continues to Look Bullish

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Gold Markets Weekly Technical Analysis

Gold has rallied towards the $2,400 level, which is a major resistance barrier. The $2,400 level has offered quite a bit of selling pressure multiple times now, so it’ll be interesting to see whether or not we can break above there. Keep in mind that we did initially fall during the week, but we have seen enough strength to turn things around and show signs of life in general.

This is a market that I believe has a significant amount of support underneath, and the $2,300 level, which of course is an area that’s been tested multiple times. But the market has been extraordinarily bullish for quite a while. So, I look at this as one of two things getting ready to happen. We are either going to see a breakout or we’re going to see further consolidation.

I am not interested in shorting gold. There are far too many things working in its favor at the moment, not the least of which would be the geopolitics going on. Furthermore, though we have a lot of money printing in the United States specifically, even though they technically are tighter for longer, we’re having fiscal borrowing from the government at $1 trillion every 90 days, that means something.

All things being equal, we also have the added bonus of central banks around the world buying gold. So, I think it all comes together quite nicely for plenty of reasons for gold to go higher. I like buying dips and I like holding because I do think we will eventually go to the $2,500 level.

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

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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