Gold Weekly Price Forecast – Gold Markets Drop for the Week

Gold Price Predictions Video for 14.08.23

Gold Weekly Technical Analysis

Gold markets have fallen a bit during the course of the trading week, as it looks like we are continuing to see a lot of volatility. However, it’s probably worth noting that we have a lot of support underneath, especially near the psychological $1900 level, which is right around where the 50-Week EMA currently resides. I think some type of bounce is more likely than not going to happen if we drop from here, and therefore, I am looking for signs of support. We did start to see it during the Friday session, but I think given enough time we need to be patient and hang on to gold if you are a longer-term trade. After all, the market has been positive over the longer term, but there have been times when gold has pulled back quite a bit, just as we have seen over the last couple of weeks.

All things being equal, you need to pay attention to the negative correlation between gold and the US dollar that we have seen most of the year, as the world is paying close attention to central banks around the world. Speaking of central banks, you should keep in mind that they are piling into gold, as they must see something out there that isn’t exactly positive. That being said, if we were to break down below the $1900 level, it does open up and move down to $1800, but I think there’s even more support in that general vicinity. All things being equal, this is a market that I’d believe it’s only a matter of time before we continue going higher.

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