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Gold Weekly Price Forecast – Gold Markets Have Explosive Week

By:
Christopher Lewis
Published: Mar 17, 2023, 16:38 GMT+00:00

Gold markets have shot straight up in the air during the trading week and look as if they are on the verge of making a major breakout.

Gold, FX Empire

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Gold Price Predictions Video for 20.03.23

Gold Weekly Technical Analysis

Gold markets have been extraordinarily strong during the course of the week, as we have seen a lot of risk appetite destroyed. At this point, it looks like we are trying to reach the $2000 level, but it will be very difficult to get to that level. That being said, I think we may get a little bit of a short-term pullback, but it’s obvious that the market has made up its mind that it wants to go higher, and therefore you have to look at gold through that prism.

Pay close attention to the Federal Reserve this coming week, due to the fact that we will have a lot of noise around the decision, and of course the press conference afterwards. After all, the market will have to try to determine what the Federal Reserve is ready to do, and therefore a lot of expectations with the US dollar will be baked into that assumption. Obviously, the US dollar and gold can go up at the same time, but right now I think this is more or less going to be a situation where people are trying to protect their wealth. That being said, we are approaching a major resistance barrier.

If we do pullback from here, I would expect to see a lot of support near the $1900 level. The $1900 level is a large, round, psychologically significant figure that we had previously tried to make a move out of there. Ultimately, this is a market that has been on autopilot for a while, and now I think we may get a little bit of cooling. However, if we were to break above the $2000 level, this thing could really start to take off.

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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