Gold Price Weekly Forecast – Gold Markets Find Buyers After Initial Plunge

Gold Price Predictions Video for 20.02.23

Gold Weekly Technical Analysis

Gold markets have initially fallen during the day on Friday, to show signs of weakness. At this point, the 50-Day EMA underneath shows signs of support. The $1809 level is where the 50-Week EMA is, showing signs that there might be buyers there. On the other hand, if we turn around and take out the top of the candlestick, we can also find more buyers there. Gold has been hammered over the last couple of weeks, but it looks like traders are trying to step back in on Friday to support this market. That does make a certain amount of sense, because nothing is changed fundamentally, and of course people have been using gold as a bit of a safety trade.

If we break down below the 50-Week EMA, then the market is likely to go much lower, perhaps reaching the 200-Week EMA near the $1714 level. Nonetheless, I think this is a market that I think continues to see a lot of back-and-forth to show signs of choppiness, but given enough time I do think that eventually the market will try to go back to the highs again. This will be especially true if we clear the $1900 level, which is an area that we had seen a lot of inverted hammers formed during the daily timeframe.

Regardless, pay close attention to the US dollar, because sometimes there is a huge negative correlation between the 2 markets. That doesn’t necessarily mean that there has to be, just that it is possible. Also, a lot of this will come down to interest rates, so pay attention to them as well.

For a look at all of today’s economic events, check out our economic calendar.