Gold Weekly Price Forecast – Gold Markets Get Slammed

Gold Price Predictions Video for 06.02.23

Gold Weekly Technical Analysis

Gold has tried to rally during the week, but then got hammered to break below the $1900 level on Friday as the jobs number came out much hotter than anticipated. Looking at this chart, you can see that this is a major turnaround, and this massive candlestick more likely than not will lead to more selling pressure. Whether or not it sends gold all the way to the bottom of the previous range is a completely different question, but right now it certainly looks like we will probably have further to go to the downside.

We did not get to the $2000 level, and that’s not to say that we cannot in the future. However, the reality is that the market still doesn’t look like it’s ready to get there. In fact, the way we closed almost certainly suggest that we have more selling to do. The US dollar has been like a battering ram during the Friday session as a jobs number came out much hotter than anticipated. Whether or not that has a lasting effect remains to be seen, but I think at the very least we are probably going to pull back another week or 2, maybe even as low as $1800 where the 50-Week EMA is.

Then if we break down below there, then it’s likely we will see a lot of selling pressure come into the market even further, so at that point I think it would be quite a bit of sense that we could go down to the $1700 region. On the other hand, if we turn right back around here, then I think we are likely to see a lot of back and forth.

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