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Weekly Gold Price Forecast: Gold Closes Near $2035 as FOMC Speaks Impact Market; $2075 Next?

As we approach the close of another week, Gold has notably ascended to a closing level of $2035, marking an uplift of over 1%. This analysis delves into the weekly forecast for Gold , aiming to unveil potential trends and pivot points that could influence its trajectory in the near term.

Gold Price Forecast

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Weekly Gold Price Forecast

  • Pivot Point: $1980 serves as the critical juncture for Gold’s movement. A stronghold above this level could signify a continuation of the bullish momentum, whereas a dip below could signal a shift towards bearish territory.
  • Immediate Resistance: The first significant hurdle lies at $2072, with subsequent resistance levels at $2151 and $2220. A breach above these points could pave the way for further upward movement.
  • Immediate Support: On the downside, support is first found at $1941, followed by $1883 and $1811. These levels are crucial for maintaining the current bullish stance, providing a safety net against potential declines.

Technical Indicators Overview: The Relative Strength Index (RSI) stands at 55, hovering above the midpoint and indicating a lean towards buying pressure in the market. Furthermore, the 50-day Exponential Moving Average (EMA) at $1974 underpins the bullish sentiment, suggesting a stable upward trend.

A closer inspection reveals a bullish engulfing weekly closing candle, an encouraging sign that forecasts the possibility of continued bullish trends. This pattern, coupled with an upward trendline supporting Gold around the $1980 level, adds to the optimistic outlook.

  • Bullish Break Potential: An ascent above the $2070 mark could trigger additional bullish momentum, driving Gold towards higher price points.
  • EMA and RSI Support: Both the EMA and RSI indicators align with the bullish narrative, offering technical confirmation of the uptrend.

Gold Price Forecast: Key Economic Events to Watch

This week’s financial calendar brims with critical economic events poised to impact gold prices.

Starting Monday, the focus shifts to the U.S. housing market with New Home Sales data anticipated to reveal insights at 680K, potentially influencing investor sentiment towards safe-haven assets like gold.

Core Durable Goods Orders on Tuesday, expected at a modest 0.2% increase, alongside a flat projection for Durable Goods Orders, could signal economic stability or concern, swaying gold’s appeal.

Furthermore, consumer confidence indices and manufacturing data towards the week’s end offer a closer look at economic health and spending trends.

Key Highlights:

  • GDP Data: Wednesday’s Prelim GDP q/q and Price Index offer a snapshot of economic growth and inflationary pressures.
  • G20 Meetings: Discussions could yield impactful global economic policies, indirectly affecting gold prices.
  • Manufacturing and Consumer Sentiment: Friday’s ISM Manufacturing PMI and Revised UoM Consumer Sentiment could cap the week with significant market movers.

As these events unfold, gold traders will closely monitor outcomes for cues on gold’s directional bias amidst evolving economic conditions.

Conclusion: The overall trend for Gold remains bullish above the pivotal $1980 mark. This week’s analysis points to a robust framework of support and resistance levels that will likely dictate Gold’s price movements in the near term.

Market participants should keep a close watch on these technical indicators and pivot points, as they hold the keys to understanding Gold’s next directional move.

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ABOUT THE AUTHOR See More
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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