Gold Weekly Price Forecast – Gold Markets Continue to Find Support

Gold Price Predictions Video for 19-02-2024

Gold Markets Weekly Technical Analysis

The gold market has spent the first half of the week falling to reach down toward the $1,980 level, only to turn around and bounce enough to recapture the $2,000 level. At this point, it looks like gold is trying to support itself in this general vicinity. And now, it looks to me like the market is very likely to bounce from here and head back up into consolidation. This will be especially true if the US dollar loses some strength and of course interest rates start to dip again. After all, central banks around the world should be cutting rates in 2024, so I do think that gold has a real shot at not only being stable this year but perhaps even breaking out to the upside.

If we were to get above the $2075 level, then gold suddenly becomes more or less a buy and hold market that a lot of people would be paying a lot of attention to. On the other hand, if we were to break down below the $1,980 level, then we have to look for support perhaps near the $1,950 level, where the 50-week EMA currently resides. Either way, I think you do have a lot of choppiness in this area, so be prepared to hang on through volatility. That being said though, if you scale into a position with a reasonable size, you should be able to deal with a lot of this noisy behavior. Longer-term, I just don’t see an argument against gold in this current environment.

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