Gold Weekly Price Forecast – Gold Markets Trying to Find a Floor

Gold Weekly Technical Analysis

Gold markets have initially fallen during the week to break down below the $1800 level. The $1800 level is an area that has been important multiple times, and it is probably worth noting that the uptrend line from the last couple of years is being tested, and so far it has held. Because of this, I think gold could end up performing quite well, but that does not necessarily mean that is going to be easy. Gold is going to continue to do well if we continue to see problems in the credit markets, as it will be a safe haven.

If we were to break down below the uptrend line, that could open up a significant downward move, perhaps reaching to the $1750 level, maybe even the $1700 level. The $1700 level is interesting, because it is also where we see the 200 Week EMA. I do not necessarily think that is what is going to happen, but it is something that you need to keep in the back of your mind.

On the upside, if we can break above the 50 Week EMA, then it is possible that we could go looking towards the $1900 level. The $1900 level is an area that previously has been supported, so now it should suggest that there would be quite a bit of resistance in that general vicinity. However, if we can climb that area, then it is likely that we go looking to reach the $2000 level. Ultimately, this is a market that I think given enough time does go higher, but that does not necessarily mean that is going to be easy.

Gold Price Predictions Video 23.05.22

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