Gold Weekly Price Forecast – Gold Markets Pulled Back for the Week

Gold Price Predictions Video for 11.09.23

Gold Weekly Technical Analysis

Gold has pulled back a bit during the course of the week, showing that we continue to see a lot of volatility but I do think that we have a massive amount of support underneath. After all, we have the 50-Week EMA sitting near the $1915 level, and is rising. It’s also worth noting that the area between there and the $1900 level will continue to offer massive support. The $1900 level is a major support level, and if we were to break down below there, then it’s possible that we could see a pretty significant breakdown toward the $1800 level.

On the other hand, if we do bounce from underneath, then it’s likely that the market goes looking to the $2000 level. The $2000 level is an area that offers a significant resistance barrier, and of course a large, round, psychologically significant figure. If we were to break above there, then it’s possible that the market could go looking toward the recent high.

Keep in mind that the US dollar has a negative correlation to gold most of the time, but perhaps more importantly, it comes down to interest rates. As a general rule, if the interest rates in America rise, that typically works against the value of gold, and of course the exact opposite is true. As traders around the world try to determine whether or not the Federal Reserve is going to raise interest rates at the next meeting, you can expect more noisy behavior in this market. As things stand right now, I think we are just bouncing around back and forth, creating a consolidation more than anything else.

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