Gold Weekly Price Forecast – Gold Markets Have a Wild Week

Christopher Lewis
Published: Sep 22, 2023, 13:54 GMT+00:00

Gold markets have a wild week, as traders are still trying to sort out what the central bankers are going to do.

Gold bars, FX Empire

In this article:

Gold Price Predictions Video for 25.09.23

Gold Weekly Technical Analysis

Gold markets have been all over the place during the past week, as we continue to see a lot of noisy behavior. All things being equal, this is a sign that there is a lot of confusion out there, and if you look at the daily chart, it does form a little bit of a triangle, which suggests that we are compressing, and volatility is about to pick up.

Underneath, the $1900 level continues to be an area of importance, and of course will attract a lot of attention. The 50-Week EMA is just above there, and consequently, on the daily chart the 200-Day EMA is right around the same region. On the upside, the $2000 level continues to be massive resistance, but we also have the $1980 level offering resistance on the way up there as well. With this being the case, think you got a situation that the market has to deal with as far as volatility, but we are still technically in an uptrend, and of course there are a lot of concerns when it comes to debt around the world, and let’s not mince words here: gold is real money.

In general, I think the US dollar probably spikes in the short term, that might cause a little bit of trouble for the gold market, but longer-term, it’s very possible that both may rise. In fact, it’s starting to look more and more like the 1970s or the 1980s, both of which saw the occasional rally for both. At this point, I’m still a buyer of dips, but if we were to break down below the $1900 level, then things could get rather ugly.

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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