Gold Weekly Price Forecast – Gold Markets Continue to be Range Bound

Christopher Lewis
Published: Feb 23, 2024, 17:18 GMT+00:00

Gold markets have been a bit noisy during the trading week and therefore it looks very likely to be a situation where buyers continue to pick up tips, but at the end of the day, this is a market that I think has a lot of reasons to be bullish.

In this article:

Gold Markets Weekly Technical Analysis

We have had a slightly positive week in the gold market, but I think at this point in time, we are more or less still stuck in the same range we’ve been in. It does look like we are in the midst of bottoming out and bouncing. So that’s a good sign, but it doesn’t necessarily mean that gold is going to take off to the upside very easily. And in fact, I think you’ve got a situation where the $2,000 level underneath continues to be major support that extends down to $1,980. And at the upside, we have the $2,075 level, which is going to be crucial. If we can break above there, then gold becomes more or less a buy and hold market, perhaps reaching the $2,200 level based on that wicked spike back on December 4th.

Short-term pullbacks continue to be buying opportunities and therefore I think longer-term traders are just simply holding gold. Plenty of geopolitical issues out there that could drive it higher. Interest rates perhaps dropping this year should drive it higher and then of course, you have to pay attention to the US dollar. In general, I think we’re just building a base for the next launch higher, but if we were to break down below $1,950, it might make me concerned for the trend. That was very unlikely at the moment, but it is an area to keep it in the back of your mind for a longer-term position.

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.

Did you find this article useful?