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Gold Weekly Price Forecast – Gold Markets Have a Rough Week

Christopher Lewis
·2 mins read

Gold markets have broken down significantly during the course of the week, slicing through the $1900 level. By doing so, the market is likely to go looking towards even more substantial support at the $1800 level, an area that has previously been resistance. Ultimately, this is a market that is still in an uptrend, but still finds plenty of support near the $1800 level from what I can see. The 50 week EMA is racing towards that area as well, so I think that the convergence could cause some issues. The gold markets are definitely pressing higher over the longer term, based upon central bank buying and of course lots appear around the world.

Gold Price Predictions Video 28.09.20

One of the biggest killers of gold recently has been the US dollar rallying, but both of these can rally over the longer term given enough time. Despite what you may have heard, both markets can move in the same direction. The entire 1980s were a prime example that. That being the case, I do believe that both of these markets, the US dollar and gold will go higher over the longer term based upon what I am seeing. However, even if the US dollar does not rise, that will only help gold. I think buying dips will continue to be the way most people look at this, and therefore I am simply going to wait more of a pullback in order to take advantage of “cheap gold”, as we have certainly seen a huge change in the overall attitude of the market during the last couple of years.

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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