Gold Weekly Price Forecast – Gold Markets Plunge for the Week

Gold Price Predictions Video for 22.05.23

Gold Weekly Technical Analysis

Gold has had a rough week, as we have fallen rather drastically to slice through the $2000 level like it wasn’t even there. At this point, the market is trying to do everything it can to pick up a bit of support, perhaps at a very sharp trendline. Nonetheless, the $1950 level should offer support, followed by the $1900 level. With that being the case, I think you get a situation where you have to be somewhat cautious, but you could start looking for signs of support. If we break down below the $1900 level, then it’s possible that we have even further downside to go.

What’s worth paying close attention to is that the area that we just pulled back from has been massive resistance 3 times now, so while you can argue that perhaps it’s the top of the overall range, the reality is that the market has been very persistent, and therefore we could have a situation where the market turns ran back around and tries to build up momentum to break out. That being said, the candlestick that formed for the week is negative enough that I suspect there is probably further negative pressure.

With that being the case, I think we’ve got a scenario where you may have to step back and look for value. As far as selling is concerned, while you could do that, I think it is still a case that needs to be proven going forward. I am not holding my breath, and I do think that it is probably only a matter of time before money flows back into the gold market in order to preserve wealth again.

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