Gold Weekly Price Forecast – Gold Markets Form Choppy Candlestick

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.

Read More: Gold Weekly Price Forecast – Gold Markets Form Choppy Candlestick

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