weekly Gold Price Forecast Today 09 February 2024
We offer you a weekly analysis for this week, from 7 to 11 December 2024, of gold prices
We are waiting for another week full of movement in the global markets, especially gold prices
With two central banks meeting during this week: The Central Bank of Canada – The European Central Bank
weekly Gold Price Forecast Today 09 February 2024
In addition to a possible US stimulus agreement, and a series of economic data that will affect gold prices.
The European Central Bank is sure to flood investors with more liquidity this week.
So if policymakers want to dump the supercharged euro, they need to overdeliver and hence the reality is that this will affect gold prices this week.
The political arena will continue to get excited as well, with the Brexit talks entering their final phase this week.
weekly Gold Price Forecast
All markets want cash for Christmas
It’s been a wild ride for most of the assets lately as the pollen euphoria merged with hopes for more stimulation.
It pushed stock markets to new records and destroyed defensive plays such as dollars and gold.
Investors are calculating that the coming months will be difficult for most markets, especially the gold market
But there is light at the end of the tunnel and central banks are about to unleash another wave of liquidity to keep things together in the meantime.
weekly Gold Price
We are now in a bend as everything is considered bullish unlike gold prices which will witness significant weakness over the next week.
If they surprise the upside, that’s cool.
weekly Gold Price Forecast Today February 2024
If they disappoint, the Fed will be forced to introduce a larger liquidity bazooka.
Politicians in Congress will feel more pressure to introduce a new stimulus package, which is better for stock markets (and dollar negative).
As the chart shows below, gold prices are currently near a monthly resistance zone, and therefore we wait for gold prices to rise a little, then we think about selling gold
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