Gold Weekly Pirce Outlook – Gold Surges Over The Last Week

Gold Markets Weekly Technical Analysis

The gold market has rallied rather significantly during the course of the trading week as we continue to see a lot of money flowing into this market. All things being equal, it does look like we’re going to do everything we can to test the $2,900 level and then break above there to go looking to the $3,000 level. Short-term pullbacks at this point in time, I do think continue to offer buying opportunities as the market is probably going to continue to look at this as one of the more favorable places to put money to work.

This has been a major uptrend, and clearly during this past week we have seen a resumption of my overall thesis playing out that gold is, in fact, going to continue to attract a lot of inflows. If we were to turn around and break down below the $2800 level, that could make things a little messier, but it’s really not until we break down below the $2,500 level that I’m concerned. And that is almost $400 lower than we are now. So obviously, it would take a pretty big significant sell-off.