Gold Weekly Price Forecast – Gold Markets Show Signs of Support

Gold Price Predictions Video for 03.07.23

Gold Weekly Technical Analysis

Gold has plunged during the course of the trading week to reach down toward the 50-Week EMA, only to turn around and show signs of life. Ultimately, gold is also dancing around the 61.8% Fibonacci level, and with this being the case, it does make quite a bit of sense that we see support. Furthermore, you can also make an argument that there’s a little bit of a trend line just below the candlestick, so all things being equal, it does make quite a bit of technical sense that gold continues to find buyers.

A break above the top of the candlestick opens up the possibility of a move to the $2000 level, which of course is a large, round, psychologically significant figure and an area where we would see a little bit of reaction. Ultimately, I do like the idea of taking advantage of value if and when it appears, but ultimately I have a situation here in the market where I look at this as a nice bit of value that the market is attracted to. Keep in mind that gold can sometimes move opposite of the US dollar, but that correlation does not necessarily have to be the case. In times of extreme concern, both can go higher, and we do have that possibility at the moment.

If we were to break down below the 50-Week EMA, then the market could plunge all the way down to the $1800 level, completely wiping out the entire move. With this, we could test the 200-Week EMA, which obviously is a major indicator as well. Either way, I think we are on the verge of a bigger move, but it certainly looks as if the buyers are starting to take over.

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