Gold Weekly Price Forecast – Gold Markets Find Buyers After an Initial Dip

Gold Price Predictions Video for 23.01.23

Gold Weekly Technical Analysis

Gold markets initially fell during the course of the week, but as we can see the market has turned around to show signs of life again. The hammer shaped candlestick could be a sign that we are going to continue to go higher, perhaps trying to reach the $2000 level, which is where we had previously seen a lot of resistance. The $2000 level also has a huge amount of psychology attached to it, as it is a large, round, psychologically significant big figure.

If we were to turn around a break down below the bottom of the weekly candlestick, then it’s possible that we could go look into the $1875 level, maybe even lower than that. Gold has essentially been on fire as of late, and therefore I think we’ve got an opportunity where we would see buyers jumping in to pick up cheap gold any chance they get. Ultimately, I don’t have any interest in shorting this market, at least not until we break down below the $1800 level, something that would take a massive amount of selling pressure to make happen.

If we break above the $2000 level, then we could go look into the $2100 level, but it’s going to take a bit of momentum to make that happen. Quite frankly, this is a market that is overdone, so longer term traders will have a major issue trying to get involved at this point. What they need to see is a couple of red candles in order to pick up the first signs of support as we have seen such a huge shift in the attitude of gold buyers.

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