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Gold Weekly Price Forecast – Gold Markets Form Choppy Candlestick

Christopher Lewis
·2 mins read

Gold markets have gone back and forth during the course of the week, showing signs of confusion and uncertainty, which is not a huge surprise considering that the US dollar is starting to put up a fight as well. Quite frankly, if the US dollar takes off, it could put a bit of pressure in this market. On the other hand, it does look as if there is significant support at the $1900 level, and there is most certainly a lot of support at the $1800 level. Even if we pull back all the way to the $1800 level, it is a very slight pullback in the bigger picture.

Gold Price Predictions Video 21.09.20

All that being said, I have no interest in shorting gold and quite frankly would love to see this market pull back a bit so I could buy it at the lower level. Looking at this chart, it is obvious that we have been so supportive and therefore I do not have any interest in shorting this market. At this point, it is only a matter of time before the buyers jump back in, so having said that it is only a matter of being patient enough to find some type of support of candle to get long from.

On the other hand, if we were to break above the $2000 level on a daily close, then the weekly candlestick will more than likely reach towards the 2100 level rather quickly. Notice how I have no scenario to sell right now, and quite frankly I do not foresee that anytime soon with central banks around the world flooding the markets with liquidity.

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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