Gold Weekly Price Forecast – Gold Markets Plunge for the Week

Gold Price Predictions Video for 02.10.23

Gold Weekly Technical Analysis

Gold markets have had a rough week, as we have broken down below the $1900 level, signifying that we might have a leg lower coming. The fact that we are closing toward the bottom of the candlestick also suggests that we are heading down to the $1800 level, and that does make a certain amount of sense because when you look at the longer-term chart, we have recently formed a bit of a triple top near the $2000 level, and of course the market continues to see a lot of questions asked about what interest rates are getting ready to do. Interest rates rising are toxic for gold, and that is essentially what we are looking at. If we break down from here, we could go down to the not only $1800 level, but perhaps the 200-Week EMA, which is below there.

By turning around and showing signs of strength, we could go look into the 50-Week EMA, which is an area a lot of people will be paying attention to as well. Nonetheless, we have broken through a triangle, and a longer-term trend line that allows gold to continue to go much lower. The US dollar looks like it’s on the precipice of breaking out rather significantly, although it is worth saying that the Friday session did see a lot of US dollar selling early in the day.

The size of the candlestick suggests that there is more momentum, so I think given enough time, we will continue to go lower, but that doesn’t mean that we can’t be very volatile and noisy along the way. Because of this, keep your position sizing reasonable.

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