Gold Weekly Price Forecast – Gold Continues to See Volatility as We Consolidate By: Christopher Lewis Updated: May 24, 2024, 18:47 GMT+00:00
The gold market has fallen hard this week, but at this point in time, it is worth knowing that the market will continue to be in an uptrend at this point, and that hasn’t changed.
Gold Markets Weekly Technical Analysis You can see we’ve had a pretty ugly week. But really when you look at the week in the totality of the entire trend, it’s just consolidation. It’s brutal. It’s violent and it’s scary why you’re going through. But when you look at these longer term charts, you can see clearly the buyers are still in control.
We may be working off some of the excess froth and that’s not necessarily a bad thing either. The $2,400 level above is a significant barrier to overcome and you can see we’ve done it a couple of times momentarily but not have the strength to leave it in the rear view mirror for good. Eventually we will and we will more likely than not go looking to the $2,500 level at that point.
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