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Gold Weekly Price Forecast – Gold Markets Form Bullish Flag

Christopher Lewis
·2 mins read

Gold markets have formed a bit of a bullish flag over the last several weeks, as this past week has seen the market break back above the $1900 level. That being said, the market is likely to see noisy behavior as this is all about stimulus more than anything else. The reality is that central banks around the world will continue to flood the markets with liquidity, which means that the gold markets will continue to be favored due to the fact that this will weigh upon the value of fiat currencies.

Gold Price Predictions Video 12.10.20

The candlestick for the week is a massive hammer, so it does look like we are going to do everything they can to reach towards $2000 again, which of course is a large, round, psychologically significant figure that will attract a lot of attention and create a lot of noise. If we can break above, there then the market will go looking towards the $2100 level.

Even if we were to pull back from here, I think that the $1850 level offers support, just as the $1800 level will. At this point, I do not think that we will get that pullback unless there is some type of shock announcement when it comes to stimulus. In other words, it does not happen. I think the odds of that have been greatly, and although the entire market is leaning in one direction, sometimes if it does it is hard enough, he can convince Congress or the Federal Reserve to finally act. With this, I do believe that dips continue to be bought into.

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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