Gold Weekly Price Forecast – Gold Markets Continue to Pressure the Upside
Gold Price Predictions Video for 03.04.23
Gold Weekly Technical Analysis
Gold markets have initially fallen during the course of the trading week, but then found buyers as we continue to threaten the $2000 level in the futures market. Quite frankly, this is a market that looks like it is a bit of a “beach ball being held under water” type of situation, meaning that once we break out to the upside it could be explosive. After all, we formed a hammer during the previous week and did it again during this past week. In other words, pressure is building, and we need to make a bigger decision.
At this point, it certainly looks as if it favors the upside, and that makes a lot of sense considering that central banks around the world are buying gold, but even more importantly there is a lot of concern when it comes to the banking system. After all, no matter what people tell you about Bitcoin or anything else, at the end of the day most wealth has been stored in precious metals over the last 50 centuries.
That being said, if we break down below the bottom of the previous candle, it turns it into a “hanging man”, and therefore could open up selling pressure. The $1900 level would be the initial target, followed by the 50-Week EMA. However, it’s worth noting that we continue to see a lot of pressure building, but at the same time you can say that the $2000 level has a lot of resistance extending all the way up to the $2050 level. Ultimately, we are about to see an explosive move, and the job of traders will be to simply follow it.
For a look at all of today’s economic events, check out our economic calendar.