Gold Weekly Price Forecast – Gold Markets for Massive Hammer

Gold Price Predictions Video for 19.06.23

Gold Weekly Technical Analysis

Gold markets fell rather hard during the course of the week, only to turn around and show signs of strength. The 50% Fibonacci level has been rather supportive, and it looks like we are willing to stay in the same range. If we turn around and break above the $2000 level, it’s likely that we could go looking to the $2050 level, and then eventually the $2100 level. The gold market of course continues to be looked at through the prism of wealth preservation, and I think that continues to be a major factor. After all, central banks around the world are tightening monetary policy, but at the same time you have to make the argument that we are about to have some type of debt crisis, as interest rates rise.

If we were to turn out and break down below the bottom of the hammer, the market goes down to the $1900 level rather quickly, with a 50-Week EMA offering support. All things being equal, I think this is a situation where you continue to see a lot of volatility, but we are most certainly in an uptrend, and it does make a certain amount of sense that the area around the $2100 level will continue to be a major barrier. The $2100 level has been a previous “triple top”, and therefore it’s going to be difficult to overcome. However, if we do manage to do so, then I think you got a situation where market participants continue to try to bust out to the upside. The US dollar is starting to lose strength as well, so that adds more fuel to the fire here.

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