Gold Weekly Price Forecast – Gold Markets Hover Above 50-Week EMA

Gold Price Predictions Video for 21.08.23

Gold Weekly Technical Analysis

Gold markets have fallen a bit during the course of the trading week, as it looks like we are testing the 50-Week EMA. The 50-Week EMA will often attract a lot of attention, just as the moving average would on the daily chart. That being said, the market is extraordinarily noisy these days, perhaps due to a lack of liquidity, or maybe it’s just the reaction to the bond market that we continue to see out there. Either way, you need to be very cautious with the position size that you take into this market, due to the fact that it is so volatile.

If we were to break down below the $1900 level, that could be a very negative turn of events, perhaps opening up a move down to the $1800 level. On the other hand, if the market were to break above the top of the weekly candle we just printed, that could open up a move toward the $2000 level, which in and of itself of course has quite a bit of psychological importance. One would also have to think that there is a significant options barrier in that region, so I do think that it would be difficult to break above 2000 right away.

All things being equal, this is a market that I think continues to be very sensitive to the bond market, and of course yields coming out of that market. All things being equal, you should also pay close attention to the US dollar, which of course is driven by the same things as well. As long as we can stay above the $1900 level, then it’s possible that we could see a rally.

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