Gold Weekly Price Forecast – Gold Markets Rally to Show Strength All Week

Gold Price Predictions Video for 09.01.23

Gold Weekly Technical Analysis

Gold markets have rallied rather significantly during the trading week, although we have seen a lot of noisy behavior. Ultimately, the market looks as if it is going to threaten the $1875 level, an area where we have seen a lot of resistance previously. If we can break above there, then it’s likely that we could see the market really take off, perhaps opening up a move to the $2000 level.

Keep in mind that a lot of people believe that the Federal Reserve is going to have to pivot soon, and if that is going to be the case, it’s likely that we would see gold really take off. That being said, the Federal Reserve is unlikely to do that, and as a result it could be a little bit more of a fight than people believe.

I would love to see some type of pullback that we could take advantage of, especially near the $1800 level. That being said, we would need several negative days in a row to make that happen. I think short-term pullbacks will continue to offer opportunities, and I certainly have no interest in shorting gold in this environment. I believe this year is going to be very good for gold, so therefore I continue to look for plenty of opportunities.

I do think that we will have more than enough, and therefore it’s probably a situation where we will see a lot of noise, but at the end of the day I think positive climate continues to be the most likely of outcomes in this market. Be cautious, and to wait for confirmation on some type of bounce from a shorter timeframe to get involved.

For a look at all of today’s economic events, check out our economic calendar.