Gold Weekly Price Forecast – Gold Markets Form Bullish Hammer for the Week

Gold Price Predictions Video for 10.07.23

Gold Weekly Technical Analysis

Gold markets initially fell during the course of the week, but found enough support just above the 50-Week EMA and the 61.8% Fibonacci level to turn around and show signs of support. This is the 2^nd week in a row where we’ve seen a bit of a hammer hanging around, therefore if we can break above both of these candlesticks, it’s likely that the market could go looking toward the $1950 level, possibly even the $2000 level after that. All things being equal, I think short-term pullbacks continue to attract attention, but the longer-term trader will have to be a little bit more patient.

Given enough time, we will make a bigger move, and I do think that the most likely of moves will be to the upside. However, if we were to break down below the 50-Week EMA, it opens up a move down to the $1800 level, which of course is a large, round, psychologically significant figure, and an area where we had recently launched higher from after the previous pullback. Nonetheless, I think this is a market that will continue to be noisy in general, but given enough time we will have to make a bigger decision. The fact that we have formed a couple of hammers in a row is typically a very bullish sign, therefore I think you have to think that the buyers are starting to step up and take advantage of any signs of value and of course support. Furthermore, there are a lot of concerns out there when it comes to the global economy, so a little bit of wealth preservation may be at play here.

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