Gold Weekly Price Forecast – Gold Markets Rally for the Week

Gold Price Predictions Video for 06.03.23

Gold Weekly Technical Analysis

Gold markets have rallied a bit during the trading week, as the 50-Week EMA has come into the picture. That being said, the market looks as if it is trying to recover, as the 50% Fibonacci level sits just below there. With that being said, the market is likely to continue to see a lot of noisy behavior, but it looks as if we can start to think about going long if we can break above the top of the candlestick. At this point, the market is likely to go looking to the $1900 level, which is a large, round, psychologically significant figure, and an area where we had formed a multiple inverted candlesticks on the daily chart.

Breaking down below the 50-Week EMA opens up the possibility of a move down to the $1800 level. $1800 level is a large, round, psychologically significant figure, and therefore a lot of people would look at that as potential support. I suspect that if we break down below there, then things could get rather ugly for the gold market. In that scenario, I think that we sell off and start to reach towards the bottom of the overall consolidation area.

With that being said, I think this is a situation where we will continue to see a lot of volatility and you have to pay close attention to the US dollar as well as interest rates. You can see that the market continues to be erratic, but we have had almost a 50% Fibonacci retracement after the meter shot higher. After this, the $2000 level could be the next target if we do rally.

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