Gold Weekly Price Forecast – Gold Markets Continue to See Overhead Resistance

Gold Price Predictions Video for 15.05.23

Gold Weekly Technical Analysis

Gold markets have initially rallied during the course of the week, showing signs of hesitation by the end of it by forming a bit of a shooting star. Alternatively, this is a market that continues to hang around the $2000 level, and right now it looks as if the market still sees a huge amount of the selling pressure above, and I think between here in the $2100 level will continue to be difficult.

There are multiple shooting stars forming, and that does suggest that there is a lot of negativity, but at the same time, you can also make an argument that the market continues to fight, meaning that there is still plenty of interest in going higher. Furthermore, the market has been so bullish for so long that is difficult to imagine that we are suddenly going to break down. However, these candlesticks do tell us just how difficult things are going to be, and therefore I think we will continue to see a lot of noise. If the market were to break down below the $1980 level, then it’s possible that we could go down to the $1900 level. The $1900 level is an area that I think continues to be a major area of interest, and breaking down below that then would make the market somewhat negative.

Regardless, I think you probably have to trade this market from a short-term perspective, because quite frankly it’s obvious to me that there remains a lot of difficulty ahead, as traders trying to determine whether or not the central banks around the world will remain as tight as they claim they are going to be.

For a look at all of today’s economic events, check out our economic calendar.