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Gold Weekly Price Forecast – Gold Markets Have Neutral Week

Christopher Lewis
·2 min read

Gold markets have gone back and forth during the course of the week, showing signs of exhaustion. Ultimately, I think that if we get a pullback, we could see an opportunity to pick up gold “on the cheap.” When you look at the longer-term chart, you can see that we have pulled back towards the 38.2% Fibonacci retracement level, and of course the 50 week EMA. I think that it is only a matter of time before we continue to go higher, due to the fact that the market is starting to fight the idea of the depreciating fiat currency.

Gold Price Predictions Video 28.12.20

Ultimately, I think that we will probably go testing the highs at the $2100 level, perhaps even higher than that. Longer-term, this is a market that continues to see noisy trading and therefore I think you will see a lot of volatility, into the picture. This is a market that will continue to move to the upside based upon a lot of fear and of course massive amount of liquidity that has been forced into the market. I think that as we head into the next year, a lot of people will be looking towards gold to protect their wealth, as we have the coronavirus lockdown still affecting economies, and therefore one would think that there is going to be even more stimulus heading down the road.

Pay attention to the US Dollar Index, due to the fact that the gold markets typically have an inverse correlation to that index. Ultimately, this is a market that has had a nice pullback and is now starting to offer a bit of value.

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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