Gold Weekly Price Forecast – Gold Markets Have a Bullish Week Again

Gold Price Predictions Video for 23.10.23

Gold Weekly Technical Analysis

Gold markets initially pulled back just a bit during the trading week, only to find support near the 50-Week EMA, and then turned around to show signs of strength. Ultimately, the market reached toward the $2000 level, but it seems like we are pulling back just a bit. Whether or not we can break above the $2000 level remains to be seen, but it’s obviously a large, round, psychologically significant figure that we will have to pay close attention to, and therefore it’s worth noting that a move above there would attract a lot of attention.

If we can break above there, then the $2050 level would be the next target, but I think a short-term pullback is probably in the cards. That would offer enough value for people to get involved, especially if we can drop down to the $1950 level. The gold market of course is very erratic at times, so none of this should be a surprise.

You need to pay close attention to the bond markets in America, because if those yields continue to spike, that might put downward pressure on gold. There’s also the possibility that traders may look to take advantage of heading into the weekend and simply collect profits. If that’s the case, then the $2000 level offers a bit of a barrier as well. Ultimately, a lot of this comes down to the tensions in the Middle East, and if those tensions start to release a little bit, that also could put downward pressure on gold. Either way, at best I think you get a situation where you are looking to buy dips at this point, perhaps off the daily chart.

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