Gold Weekly Price Forecast – Gold Markets Form Bullish Flag

The gold markets have been a bit bullish in recent weeks, as the market fell back above the USD 1900 level last week. That being said, the market is likely to see loud behavior as this is all about incentives. The reality is that central banks around the world will continue to flood the markets with liquidity, which means that gold markets will continue to be favored as it will weigh on the value of fiat currencies.
Gold Price Predictions Video 10/12/20
The candlestick for this week is a huge bang. So it looks like we're doing everything we can to get back to $ 2,000. This is, of course, a large, round, psychologically significant number that is going to get a lot of attention and create a lot of noise. If we can break the top, the market will be looking at the USD 2100 level.
Even if we pulled back from here, I think the $ 1,850 level offers support, as does the $ 1,800 level. At this point, I don't think we're going to get that withdrawal unless there is some sort of shock announcement when it comes to stimulus. In other words, it doesn't happen. I think the odds for that were good, and while the entire market is leaning in one direction, sometimes, if it's difficult enough, it can convince Congress or the Federal Reserve to finally act. With that I believe that dips will continue to be bought.
In our economic calendar you will find all economic events of today.
This article was originally published on FX Empire
More from FXEMPIRE:
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Gold price forecast - gold markets look positive again
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