Gold Weekly Price Forecast – Gold Markets Continue to Power Higher

Gold Price Predictions Video for 02.01.23

Gold Weekly Technical Analysis

Gold markets have rallied again during the week as we have broken above the $1815 level, an area that had previously offered a bit of resistance. Regardless, I think this is a market that will probably continue to see a little bit of resistance above, but I also believe that we have a situation where any pullback will probably be thought of as a potential buying opportunity. While the US dollar and gold have a negative correlation most of the time, that does not necessarily have to be the case, so keep in mind that both can rise at the same time.

Regardless, it looks like gold is still favored and I think pullbacks will be thought of as value that people are more willing to jump on going forward. In fact, a lot of pundits are now saying that 2023 is going to be the year for gold. Whether or not that’s true is a completely open question at this point, but I’m not interested in shorting it at the moment, at least not until we break down below the $1750 level. Anything below there would be interesting from the short side, but I don’t necessarily think that’s going to happen anytime soon.

Keep in mind that next week is going to be very thin with most traders paying attention to holidays and administrative duties, but once we get the jobs report on Friday, we may have an opportunity to see a bigger move. With this, be cautious with your position size but I still favor the upside regardless. I expect a lot of volatility, but eventually I do expect to see this market go looking to get to the $2000 level over the next several months.

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