Gold Weekly Price Forecast – Gold Markets Have Wild Ride for the Week

Gold Price Predictions Video for 08.05.23

Gold Weekly Technical Analysis

Gold markets have been very volatile this past week, which is not a surprise considering everything that is going on around the world. Traders have been using gold as a safe haven asset and market to protect wealth over the last couple of months, and it reached a bit of the crescendo this past week. As we tried to reach for a fresh, new high, the market turned around and got slammed on Friday by the Non-Farm Payroll numbers coming in hotter than anticipated. This had people having to rebalance their portfolios, as concerns about an overly hawkish Federal Reserve continues.

That being said, by the end of the day we started to see buyers come back in and pick up gold, telling me that there is still a lot of demand out there. Whether or not it can hold remains to be seen but it is probably worth noting that the banking crisis in the United States has not gone anywhere, so it does make a certain amount of sense that people want to put money into gold in order to protect their wealth heading into what could be a very long and dangerous weekend.

Regardless, even if we were to break down from here I think there are plenty of areas where the buyers will probably come into the market and try to pick up gold, as it has been so bullish. In fact, from a longer-term standpoint it’s not until we break down below the $1900 level that I would begin to think about shorting gold.

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