Gold Weekly Price Forecast – Gold Markets Bang on the Door of $2000

Gold Price Predictions Video for 31.10.23

Gold Weekly Technical Analysis

Gold markets have gone back and forth during the course of the week as we continue to threaten the $2000 level. The $2000 level of course is an area where you will see a lot of noisy behavior due to the fact that it is a large, round, psychologically significant figure, and an area where we have seen a significant amount of resistance in the past. That being said, it looks like we are trying to form some type of hammer like candlestick, so the question now is whether or not it leads to higher pricing, or if it ends up being a “hanging man.”

If we break down below the bottom of the candlestick, then the $1950 level gets targeted. After that, then you’ve got the 50-Week EMA. On the upside, the $2050 level is followed by the $2075 level as a major resistance barrier. This is a market that I think continues to see a lot of noisy behavior, which does make a certain amount of sense considering that the geopolitical situation continues to be very fluid, and of course there are a lot of concerns coming out of Gaza. At the same time, you have higher interest rates in America pushing gold down, so you have a lot of noise at the moment.

The market had spent a couple of weeks going straight up in the air, so it does make a certain amount of sense that we go sideways for a while, and therefore I would not be surprised at all to see choppy consolidation in this general vicinity. Position sizing will be crucial at this point, as the volatility is probably only going to get worse at this point.

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