Gold Weekly Price Forecast – Gold Markets Slow Down for the Second Week In a Row

Gold Price Predictions Video for 30.01.23

Gold Weekly Technical Analysis

Gold markets have gone back and forth during the course of the week, hanging around the $1930 level. I think at this point a pullback does make a significant amount of sense, due to the fact that the FOMC meeting is on Wednesday of this week. I would love to see this market closer to the $1850 level, but at this point that remains to be seen. In that area, I’d be looking for signs of support, but you can see just how bullish this market has been, and it would not be a stretch of the imagination to see a couple of red weeks in a row.

At this point, I believe that the $1800 level is a major support level that you have to pay close attention to, and if we were to lose that, that would be extraordinarily negative. Granted, that is $130 below where we are right now, and therefore I think we have a long way to go before you can consider shorting. On the other hand, if we took out the top of the candlestick for this week, we could go looking to the $2000 level, an area that I do think eventually we try to get to. That was an area that was a bit of a double top recently, and we need to pay close attention to that. Alternatively, this is a market that has been going back and forth for a while, and the 2000$ level is the top of the range that we had seen tested a couple of times in the last 3 years.

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This article was originally posted on FX Empire

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