Gold Weekly Price Forecast – Gold Markets Give Up Early Gains for the Week

Gold Price Predictions Video for 01.05.23

Gold Weekly Technical Analysis

Gold markets have rallied a bit during the trading week, breaking well above the $2000 level, but then turned around to show signs of hesitation. Ultimately, this is a market that will continue to look at the area just above as important, which we have seen quite a bit of selling pressure at multiple times in the past. That being said, it’s also worth noting that we have formed a couple of shooting stars, so I do think that the gold market is starting to get a little happy. Ultimately, a pullback does make a certain amount of sense, with the $1900 level underneath being a great opportunity to pick up a bit of value, assuming that the fundamental situation stays the same.

Ultimately, the Federal Reserve meeting on Wednesday might be the biggest catalyst to where we go next, and therefore we will have to pay close attention to how the market reacts to not only the interest rate hike, but the statement and the press conference afterward. Ultimately, this is a market that I think you can see as a market that you are looking for value, as it’s obviously very bullish. On the other hand, if we were to turn around break above the top of the shooting star, then it opens up the possibility of a move to the $2100 level, which then opens up the possibility of an even bigger “buy-and-hold” type of situation. Either way, I don’t have any interest in trying to short gold, as it has been so strong for a multitude of obvious reasons over the last couple of months.

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