Gold Markets Form Exhaustion Candle for the Week

Gold markets have shot straight up in the air at one point during the week, as we have seen a lot of concerns around the world and of course people trying to find safety where they can find it. After all, the war that is happening in Ukraine has a lot of people on edge, and of course, we have inflation and concerns about global growth. Ultimately, gold has shot straight up to the previous highs, where it has pulled back quite drastically.

Gold Price Predictions Video 14.03.22

The ship the candlestick is rather negative, and it suggests that we may have a bit of a pullback. If we break down below the lows of the week, then it is likely that we could go looking towards the $1920 level, possibly even down to the $1880 level. This will come down to risk appetite and whether or not things calm down on the whole. I think the gold market got far ahead of itself so this should not be a huge surprise to see a little bit of a pullback. Whether or not this continues lower is a completely different question, because unfortunately, it is probably going to be based upon the latest headline coming out of Ukraine, or perhaps even the Federal Reserve meeting that comes next week.

The length of this candlestick is rather impressive, so quite frankly it does make a certain amount of sense that that massive amount of length suggests that we are going to see a massive push back due to the fact that we exhausted so much momentum in such a short amount of time.

For a look at all of today’s economic events, check out our economic calendar.