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Gold Weekly Price Forecast – Gold Continues to See a Lot of Volatility
By: Christopher Lewis | May 3, 2024

• Gold markets have been all over the place during the course of the week, as we continue to see a lot of noise from various input factors.

Gold Markets Weekly Technical Analysis

We have fallen rather significantly to break below the $2300 level. At this point we have turned around to show signs of life and the $2300 level I think is going to continue to be a situation where we will have to see if we can recover.

If we can recover from here, then it’s likely that we will make a move to the $2,400 level. In general, this is a market that remains bullish so even though we sold off the way we did, I don’t really have any interest in trying to get involved. If we break down below the bottom of the candlestick for the week then it could open up a move down to the $2,200 level. In general, there are a lot of things to worry about when it comes to gold markets and what could be driving them. So do be aware of the fact that we might have a situation where traders start to worry about geopolitical issues, perhaps interest rates. We’ll just have to wait and see.

With the jobs number coming in weaker than anticipated, it looks like people are taking a little bit of a breather, perhaps selling some of the gains in the gold market to finance new positions in places like NASDAQ. We will have to wait and see, but this is obviously a very bullish market, and I don’t need to Look at any indicators to sort this out sooner or later we balance and once we start to bounce, I’m going to be on the other side of it and start buying gold at that point again for a longer-term trade If you like the video, give me a thumbs up and subscribe.

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