Gold Weekly Price Forecast – Gold Falls For The Week

Gold Markets Weekly Technical Analysis

The gold market initially tried to rally during the trading week only to struggle near the $2,400 level and then go plunging towards the $2,300 level. Most of this was due to the jobs report on Friday being much hotter than anticipated, so people are reacting to the idea that the Federal Reserve may not be cutting rates anytime soon. If we break down below the $2,280 level, we could see a little bit deeper correction than previously expected. That being said, as things stand right now, and as long as we can stay above the $2,300 level, we would still be in a consolidation phase between $2,300 on the bottom and $2,400 on the top.

The market at the very least needs to go sideways more than anything else to work off some of the froth, but a pullback might be acceptable as well as we had gotten way ahead of ourselves. If we get that, then $2,150 could be your target. With the 50-week EMA racing there, and of course the previous action, giving the market a little bit of market memory if you will. Pay close attention to interest rates if they start to fall again, that could help gold but also pay attention to geopolitical risks and let’s face it, here we have plenty at the moment that could elevate gold as well. All things being equal, gold is something I like at the moment, but its going to be all about the price you can get it for.

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