Gold Weekly Price Forecast – Gold Markets Bounce Late in the Week

Gold Price Predictions Video for 07.08.23

Gold Weekly Technical Analysis

Gold markets have initially fallen during the course of the trading week, but have turned around to show signs of life as the market has bounced significantly. We have filled a gap in the futures markets, and now it looks like we are doing what we can to turn around and go to the upside. Ultimately, I do think that we break above the $2000 level and go higher, and on the daily chart you can even see a bullish flag that a lot of people will be paying attention to.

If we were to turn around and bring down below the bottom of the candlestick for the week, then it’s possible that we could have a situation where the market breaks down to the 50-Week EMA, somewhere near the $1900 level. That being said, the market continues to be very bullish longer-term, but at this point in time we could see a lot of noisy nonsense.

Pay attention to the US bond market, which will have a lot to say as to where we go next as well, as the market has to absorb $1 trillion worth of debt, and that of course should be good for gold over the longer term. That being said, I think of this more as an investment and less of a short-term trade, especially as August tends to be somewhat quiet as a lot of traders are away on holiday. Nonetheless, we are still very much in an uptrend and I just don’t see that changing anytime soon. Ultimately, I do think that we test the high yet again.

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