Gold Weekly Price Forecast – Gold Markets Plunge for the Week

Gold Price Predictions Video for 13.11.23

Gold Weekly Technical Analysis

Gold markets have fallen rather significantly during the course of the trading week, as we are approaching the 38.2% Fibonacci level. This is also a general region that has shown signs of noise previously, and therefore it’s likely that we could see a little bit of value hunting. It’s a difficult prospect, to say the least to jump into this market, but it looks like at this point in time we will be trying to find some type of buying pressure. That being said, if we do break down from here, it’s likely that we could go down to the 50% Fibonacci level, and the 50-Week EMA which are basically the same level.

In general, this is a market that has seen a significant pullback, and therefore I think you probably need to see a little bit of stabilization in the markets before you get involved. Perhaps you can look to the daily candlestick in order to place a trade, but at this point I think you probably have a certain amount of value that people will possibly take advantage of. All things being equal, the candlestick is very large, so it does suggest that there is a lot of noise, but I do think that when you look at it through the prism of the last couple of months, it still isn’t that big of a deal.

If we can turn around from here, I believe that a test of the $2000 level is very likely, and at that point I think we could even break out from there. That being said, the war in the Middle East has not expanded, so it does not elevate demand for gold like we had seen 30 days ago.

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