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Gold Weekly Price Forecast – Gold Markets Have Volatile Week

By:
Christopher Lewis
Published: Nov 3, 2023, 15:42 GMT+00:00

Gold markets have gotten rather noisy during the course of the week, and at this point in time it looks like we are hanging around the $2000 level.

Gold bullion, FX Empire

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Gold Price Predictions Video for 06.11.23

Gold Weekly Technical Analysis

Gold markets have been very noisy during the trading week, as the $2000 level continues to be a bit of a magnet for price. We initially fell rather significantly, only to turn around and show signs of life. If we can break above the top of the candle, it opens up the possibility of a move to the $2050 level, possibly even the $2100 level. On the other hand, if we break down below the bottom of the candle, then it’s possible that we could go down to the $1950 level.

Gold of course has a lot of geopolitical influences thrown on it, and as long as we continue to worry about a widening war in the Middle East, gold has a chance of rallying rather significantly. That being said, the market is likely to continue to see a lot of noisy behavior, but I do think at this point in time we not only have geopolitical concerns, but we also have to worry about interest rate markets.

Looking at this chart, if we were to break down, it would be a bit of a surprise, and it certainly looks like we are trying to do everything we can to pressure to the upside. All things being equal, this is a market that I think you have to look at as a “buy on the dip” type of situation. The markets will continue to be one that you want to be involved in if you can get some type of value situation. The market continues to see a lot of volatility, and I just don’t see how that changes anytime soon.

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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