Gold Price Predictions Video for 27.02.23
Gold Weekly Technical Analysis
Gold markets have fallen significantly during the course of the trading week, as it looks like we are trying to get down to the 50-Week EMA. Keep in mind the gold is highly sensitive to the US dollar, and it appears that the US dollar is in the midst of taking off again. With that being said, I do think that this correction continues, especially as we are trying to close towards the bottom of the weekly candlestick. However, it’s also worth noting that there is a significant amount of support just below, and I do think that comes into the picture.
The $1800 level is an area that is a large, round, psychologically significant figure, and a lot of people will pay attention to it. Furthermore, you also have the 50% Fibonacci there, so it makes sense that there will be a certain amount of interest in gold in that region. Breaking down below there then opens up the possibility of a move down to the $1750 level. This is right around the 61.8% Fibonacci level, and that of course attracts a lot of attention in and of itself.
With that being said, I think it’s probably only a matter time before we see support, but I think the next week or 2 may continue to be a little bit more on the soft side. Pay attention to the US Dollar, because it could give you a little bit of a heads up as to where we are going longer term, and that of course is something that is fluid as people worry about interest rates and of course the Federal Reserve tightening monetary policy.
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This article was originally posted on FX Empire
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Source: https://finance.yahoo.com/news/gold-weekly-price-forecast-gold-173529891.html