Gold Weekly Price Forecast – Gold Markets Have Horrible Week

Gold Price Predictions Video for 11.12.23

Gold Market Weekly Technical Analysis

Gold markets initially tried to rally right away on Monday, as something blew out a ton of stops. That being said, we have turned around to show signs of hesitation and then had an absolutely horrible week. We have formed one of the biggest shooting stars I’ve seen in a long time, and that does suggest that perhaps we might be in trouble. However, we are also threatening the $2000 level, an area that I think offers a lot of potential support. In that environment, we could see a situation where traders start to look for value, but I do think that it is going to be a very noisy and difficult journey forward.

If we break down below the $2000 level, then we could go looking to the $1950 level. That should coincide with the 50-Week EMA roughly, and I think a lot of people will be paying close attention to it. Regardless, this is a market that I don’t have any interest in shorting in the short term, and I do think that there will be some type of bounce coming from the $2000 region.

The market has been very bullish quite some time, and if bond yields in America start to drop again, that should help gold markets, but of course the exact opposite is also true. After all, market participants have been doing nothing but playing against the bond market for several weeks now, and I don’t think that changes anytime soon. With this being the case, the market is likely to continue to see a lot of volatility, but I do think value hunters may return.

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