Gold Weekly Price Forecast – Gold Looks Miserable

Gold Price Predictions Video for 09.10.23

Gold Weekly Technical Analysis

Gold markets have sold off quite drastically during the last couple of weeks, and this seems to be a bit of a pattern at the moment, as bond markets continue to see spikes in yield. This is absolutely toxic for gold, and the fact that the Friday Non-Farm Payroll numbers came out triple what was expected will only continue to add pressure to gold. However, it’s probably worth noting that the market is oversold and I do think that the bounce is coming. That bounce is something that you have to be cognizant of and recognize that it could be in a selling opportunity.

It’s not that I don’t like gold long term, I just think that we need to see clarity in the bond market in order for that to happen, and we are light years away from that happening at this point. Because of this, I think we got a situation where we need to be aware of the fact that markets do bounce occasionally, and that could provide an opportunity. Granted, the real fight is probably closer to the $1800 level, and I will be watching that very closely.

The $1800 level is not only a large, round, psychologically significant figure, but it’s also where the 200-Week EMA is quickly approaching. Anything below there could send the market plunging. Nonetheless, I do think that in the short term we have a rally that will probably get sold into, and therefore you will have to pay close attention to that. It might be easier to trade this on the daily timeframe, but nonetheless the analysis would remain the same. The $1900 level above should be a significant resistance barrier.

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