Gold Weekly Price Forecast – Gold Continues to See Volatility as We Consolidate

Christopher Lewis
Updated: May 24, 2024, 18:47 GMT+00:00

The gold market has fallen hard this week, but at this point in time, it is worth knowing that the market will continue to be in an uptrend at this point, and that hasn’t changed.

In this article:

Gold Markets Weekly Technical Analysis

You can see we’ve had a pretty ugly week. But really when you look at the week in the totality of the entire trend, it’s just consolidation. It’s brutal. It’s violent and it’s scary why you’re going through. But when you look at these longer term charts, you can see clearly the buyers are still in control.

We may be working off some of the excess froth and that’s not necessarily a bad thing either. The $2,400 level above is a significant barrier to overcome and you can see we’ve done it a couple of times momentarily but not have the strength to leave it in the rear view mirror for good. Eventually we will and we will more likely than not go looking to the $2,500 level at that point.

The $2,300 level underneath is a significant support level, but really at this point in time, if we were to break down below there, I think it just offers even more value at even lower levels. In general, I think gold continues to go higher based on a whole plethora of reasons, not the least of which is the United States borrowing a trillion dollars every three months.

We also have central bank buying and of course we have geopolitical concerns. Because of all of these reasons, I just don’t see gold falling for a substantial move anytime soon. With this, and the overall picture of the charts, it looks as if we are going to be bullish going forward, and these drops are now thought of as “value.”

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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