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:
Weekly price forecast for GBP / USD - continues to wrestle with the same level
Gold price forecast - gold markets look positive again
Technical analysis of e-mini futures on Dow Jones Industrial Average (YM) - 28040 must be held to keep momentum
Silver Price Forecast - Silver Markets Pierce 50 Days EMA
Natural gas price forecast - natural gas rally on the weekend
Silver Weekly Price Forecast - Silver Form Bullish Candlestick
You should check here to buy the best price guaranteed products.
Vanessa Hudgens Glows in a Dramatic Gold Crop Top and Black Sky-High Platforms on the Red Carpet
'Bachelorette' fan-favorite Andrew Spencer apologizes for past tweets: 'Not who I am'
John Legend and Chrissy Teigen get $16.8 million for their 90210 mansion
7 Key Takeaways From The First Day Of Jan. 6 Commission Testimony
James Gunn says ‘The Suicide Squad’ was a jokey title. Here’s what he originally called DC’s new movie.
All About Louis Diame, Issa Rae's Businessman Husband