Gold Weekly Price Forecast – Gold Markets Plunge for the Week to Test the 61.8% Fibonacci Level

Gold Price Predictions Video for 26.06.23

Gold Weekly Technical Analysis

Gold markets have fallen significantly during the trading week, breaking below the bottom of the candlestick from the previous week. Ultimately, this is a market that has been bullish for quite some time, but if we turn around and show signs of support, it’s likely that we could go higher, perhaps reaching toward the $1950 level, maybe even further than that. If we can turn around and show that type of strength, we could go looking to the $2000 level above, which is also a large, round, psychologically significant figure and an area that will attract a lot of attention.

However, if we were to turn around and break down below the bottom of the candlestick, we could go down to the 50-Week EMA, which is below the $1900 level. In this overall scenario, it’s likely that we will continue to see buyers try to get involved, but breaking down below that then opens up a bigger move to the downside, perhaps all the way down to the $1800 level.

With this, the market is likely to continue to see the market as one is going to be very noisy, as there is a lot of concern out there when it comes to the global economy, and therefore we could have people running into the gold markets for safety. On the other hand, if the market were to start to show signs of strength, I think that it could be very “FOMO driven.” With this, I think you need to watch the daily charts for a bit of a signal, but the longer-term charts certainly show that were in an area of interest.

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