Gold Weekly Price Forecast – Gold Markets Slam Into Resistance

Gold Price Predictions Video for 04.12.23

Gold Market Weekly Technical Analysis

Gold markets have had a strong week, reaching all the way to the $2050 level where we have previously seen significant resistance. At this point, I think it’s probably only a matter of time before gold has to pull back. The $2000 level underneath should be significant support though, as it is a large, round, psychologically significant figure and of course an area that has seen a lot of interest. With that being the case, it’s worth paying close attention to the idea of the market taking a bit of a breather, and the negative correlation between gold markets and interest rates in the United States. That continues to be a major driver and needs to be addressed.

Ultimately, I do think that gold breaks out but we need a lot of things to go right in the first place. With that, I think you’ve got a situation where traders will continue to see this as a major move just waiting to happen. With that, then I think you’ve got to look at this through the prism also of trying to find value. After all, it’s difficult to chase a market that is this bullish, but eventually something has to give, and we will see a bigger move. This ultimately is a situation where the pressure is building up, and it’ll be interesting to see whether or not we can sustain that type of momentum. Pay attention to the US dollar, because it obviously has a negative correlation to gold over the longer-term, and a lot of traders will be looking to move positions back and forth as we are getting close to the end of the year.

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