Gold Weekly Price Forecast – Gold Markets Struggle at Highs

Gold Price Predictions Video for 02-01-2024

Gold Markets Weekly Technical Analysis

You can see the weekly candlestick initially showed very bullish behavior as we broke out, but then turned around to show less than significant follow through. And in fact, it looks like we’re going to end up forming a bit of a shooting star for the week. It’ll be interesting to see how the $2,050 level behaves, because it’s a crucial support level. If we can stay above there, then we will eventually negate this shooting star by breaking through the top of it, perhaps trying to reach the top of that weird spike that we saw on December 4th. I think that’s probably more likely than not going to be the case eventually, but if we break down below the $2,050 level then don’t be surprised at all to see the market drop all the way down to the $2,000 level, which of course is a large round number.

Gold has been getting a bit of a boost to the market as interest rates fall in America, which does make it more attractive. It’s also a safe haven bid and let’s face it, there are plenty of geopolitical issues out there that could propel gold higher also. With this being said, I think gold is going to continue to be very noisy going into 2024 but right now I still favor buying on the dips as there has been so much in the way of value to be found doing that. You do have to keep in mind that the market has been a bit stretched from time to time and we may have to work off some froth. The first week or 2 of 2024 could be very erratic and choppy, so position size accordingly.

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