Gold Weekly Price Forecast – Gold Markets Launch for the Week

Gold Price Predictions Video for 17.07.23

Gold Weekly Technical Analysis

Gold markets have rallied a bit during the trading week, as we have broken well above the $1950 level, and it looks like we are getting ready to head toward the $1975 level, perhaps possibly to the $2000 level. Ultimately, short-term pullbacks offer an opportunity to pick up a little bit of “cheap gold”, which of course is going to be the play as we have recently seen a nice bounce. Keep in mind that we had bounced from the 61.8% Fibonacci level, and of course the 50-Week EMA. All things being equal, this is a market that looks like it has further to go to the upside, and of course if we have the US dollar drifting lower, that will give us another opportunity to go higher.

If we were to turn around and break down below the 50-Week EMA, then the market is likely to flush much lower, perhaps down to the $1800 level. While that doesn’t seem very likely to happen, it is something that you need to keep in the back of your mind as we move forward, as the other side of the trade always needs to be explored. However, right now it looks like we are ready to go higher, so at this point I still look for dips as potential buying opportunities. I have no interest in shorting gold until we break down below that 50-Week EMA, something that we are nowhere near doing at the moment. Given enough time, I do think that we eventually test the $2000 level, which is probably the intermediate target going forward. All things being equal, this is a lot of noisy trading just waiting to happen.

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