Gold Weekly Price Forecast – Gold Markets Continue to Threaten Resistance

Gold Price Predictions Video for 27.11.23

Gold Weekly Technical Analysis

Gold markets have initially fallen during the week but then turned around later as we continue to threaten a breakout. We are not quite there yet but it does seem as if that’s what Gold wants to do eventually. With that being said, gold market is probably one that you will use shorter-term charts to get better entries, because quite frankly I think this is a “buy on the dips” situation going forward. Of particular note is the $1950 level, which is roughly where the 38.2% Fibonacci route sits, and of course the 50-Week EMA in the same neighborhood could also offer support.

On a breakout, it would not surprise me at all to see gold go looking to the $2100 level, and then higher than that. Gold will be moved by interest rates falling, but more importantly, a lot of geopolitical concerns as the markets seem to be all over the place when it comes to pricing in the latest headlines. The economy could slow down, and that might help gold as it takes the interest rate pressures off of the metal market, but at the same time, simple momentum has shown itself to be a major factor here. After all, markets move mainly on monetary flow and liquidity these days, and if liquidity starts to pick back up, that can also help gold. Either way, there’s no real argument for shorting this market off of the weekly chart at the moment, but it doesn’t necessarily look like it’s ready to go busting out right away either. Expect a lot of choppy sideways behavior, before the potentially explosive move higher.

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