Weekly Forecast: #Gold,#Silver,#Oil,#NASDAQ 100 (27 Aug - 2 Sept 2023)

Gold

Gold markets have rallied a bit during the course of the week, as the 50-Week EMA has come into the picture to offer a bit of a headache. All things being equal, if we break above the top of the candlestick, then I think gold does look into the $2000 level. If we break down below the bottom of the last 2 weeks, then the market really starts to fall apart, perhaps testing the $1800 level underneath, although I think that would be a rather significant shift in overall attitude.

Silver

Silver has rallied rather significantly during the course of the trading week, breaking above the $24 level. At this point, I think the market is likely to continue to see the silver market try to get to the $25.50 level above, which is a major barrier to overcome. We can break that, then Silberg is looking to the $26 level on the other hand, if we turn around and fall from here, it’s likely that we could go down to the 50-Week EMA, which is closer to the $23.25 level.

US Oil

The US Oil market has fallen rather significantly, and therefore it’s likely that we continue to see plenty of noise. That being said, there is the 50-Week EMA that is starting to offer a little bit of support, so I think at this point it looks like the oil market is trying to sort itself out, perhaps paying close attention to the idea of a lack of supply causing major headaches for traders. As OPEC continues to take supply out of the market, it’s likely that the price of oil will continue to go higher.

NASDAQ 100

The NASDAQ 100 has shot higher during the course of the week, only to turn around and show negativity during the Jackson Hole speech. All things being equal, this is a market that I think continues to go back and forth on the latest narrative, but right now I think we’ve got a situation where the traders are out there trying to figure out whether or not Uncle Jerome is going to stick to his guns with tight monetary policy. At this point, I think we continue to see volatility get worse, not better so one would have to think that there is probably more downward pressure coming.

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