Gold Weekly Price Forecast – Gold Markets Continue to Threaten Support

Gold Price Predictions Video for 12.06.23

Gold Weekly Technical Analysis

Gold markets have rallied a bit during the trading week, as it looks like we are heading toward the $2000 level. The $2000 level of course is a large, round, psychologically significant figure, and an area that previously had been supported. If we can break above there, then it’s likely that we could go much higher, perhaps reaching toward the $2100 level. This is an area that has formed a bit of a “triple top”, and therefore a lot of people will be paying close attention to. Alternatively, this is a situation where you have to think that it’s going to take something rather special to break above the $2100 level, but I also recognize that there are a lot of concerns around the world.

Underneath, the market breaking below the $1950 level opens up the possibility of a move down to the $1900 level. The 50-Week EMA is racing toward that level, and therefore it’s very likely that we could see this offer a bit of support along the way. Ultimately, if we were to break down below that level, then it’s likely that we could go all the way down to the $1800 level. All things being equal, I think it would take quite a bit of negativity to make gold sliced through all of those support levels, but it is something that you need to keep in the back of your mind.

More likely than not, we are going to see more consolidation, but eventually we should see some type of impulsive candlestick that tells us which direction the market is ready to go. One thing worth paying attention to is the fact that we have a Federal Reserve and a European Central Bank meeting next week, which could throw a lot of noise into this market.

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