Gold Weekly Price Forecast – Gold Markets Stabilize for the Week

Gold Price Predictions Video for 18.09.23

Gold Weekly Technical Analysis

Gold markets went back and forth during the course of the trading week, showing signs of hesitation to continue falling. The 50-Week EMA sits just below the candlestick, and it’s also worth noting that the $1900 level is sitting as support just underneath. If we were to break down below the $1900 level, then it’s possible that we continue to break down below there, first reaching the $1850 level, and then the $1800 level.

On the other hand, if we break above the top of the candlestick, it opens up the possibility of trying to reach the highs of the last couple of weeks, and then eventually the $2000 level. The $2000 level is an area where a lot of people will be paying attention, as it is not only a large, round, psychologically significant figure, but it is also an area where I would expect to see a lot of options action just waiting to cause noise as well.

It’s worth noting that the correlation between gold and the US dollar has somewhat broken up recently, as it will do from time to time. All things being equal, this is a market that is going to continue to see a lot of choppiness, but it does look like we are trying to turn things back around and continue the previous uptrend. On the other hand, if we do break down below the $1900 level, it could be a very ominous sign for the gold market. Either way, it’s probably worth paying attention to a move above the top of the candlestick for this week, because that is generally considered to be a very bullish turn of events for a market.

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