Gold Weekly Price Forecast – Gold Markets Continue to Show Volatility

Gold Weekly Price Forecast – Gold Markets Continue to Show Volatility

Gold markets have gone back and forth during the trading week as we have been hanging around the 50 Week EMA. At this point, the market looks as if we are going to continue to see a lot of noisy behavior, with the uptrend line underneath offering quite a bit of support near the $1800 level. As long as we stay above the $1800 level, it’s possible that we will have buyers coming to pick this market back up.

If we were to break above the miniature double high that we just made over the last two canvases, it’s likely that we would open up a possible move to the $1900 level. The $1900 level is a large, round, psychologically significant figure, and also an area where we had seen previous support. Breaking above that level, then it’s likely that the market could go to the $2000 level eventually. That being said, the market is likely to continue seeing a lot of noisy behavior, so I think it’s only a matter of time before we rally, but it’s also going to be a very difficult trade to hang onto.