Gold Weekly Price Forecast – Gold Markets Take Off

Gold Price Predictions Video for 04.09.23

Gold Weekly Technical Analysis

Gold markets have rallied rather significantly during the course of the trading week, breaking above the $1975 level late on Friday, showing that we may be racing toward the crucial $2000 level above. Keep in mind the gold is highly sensitive to interest rates, and as we have seen the interest rates plunged on Friday after the jobs report, it does suggest that perhaps gold has a date with $2000 above. If we can break above that, then it opens up the move to the $2050 level, and perhaps beyond.

In the meantime, short-term pullbacks will continue to be bought from what I can tell, with the 50-Week EMA hanging around the $1912 level, and the fact that we formed a double bottom right around that same area, I do believe that there is a significant amount of support underneath that will continue to come into play. In fact, it’s not that we break down below the $1900 level that I would be concerned with the overall attitude of the market. I think we are simply trying to get to the top of the consolidation area from before, so now the question will be whether or not we can break out above there. If we can, then gold has a bright future indeed.

Pay attention to the yields in America, because the inverse correlation should continue to strengthen, but keep in mind that Monday is Labor Day in the United States, so whether or not you can trust gold moves in any market you trade might be an open question. However, the real question will be what happens on Tuesday? At this point, it looks like we are more likely than not going higher.

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