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Gold Weekly Price Forecast – Gold Continues to Look Strong

By:
Christopher Lewis
Updated: Jun 22, 2024, 19:50 GMT+00:00

The week has been very strong for the gold markets, as we continue to see a lot of the same issues out there. This is a market that in currently trying to sort out a lot of froth, via consolidation. However, it is probably only a matter of time before we finally break out of this range.

In this article:

Gold Markets Weekly Technical Analysis

This past week has seen gold drop, only to find support just above the $2,300 level. The market is going to continue to see a lot of bouncing around and consolidation, but it does suggest that a little bit of consolidation is probably going to be in order, as we had seen such a shot straight up in the air for a while.

So with that being the case, I think short-term dips continue to be buying opportunities with $2,280 level being the bottom of the overall short-term range underneath. And if we were to break down below there, the market could open up the possibility of a move down to the $2,150 level. That would be your worst case scenario.

On the other hand, if we can break above the $2,400 level, it allows the market to go looking towards the $2,450 level, which is where the market had pulled back from previously. Anything above there opens up $2,500 and probably more or less a FOMO trade. Now, when that happens is the catch, but we do recognize that this is a market that’s trying to work off this massive jump higher that we had previously seen, and it still looks bullish overall. At this point, there is absolutely no way to bet against gold, despite the fact that there will be the occasional drop in value, I believe there will be a lot of buyers just waiting to jump in.

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

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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