Gold Markets Have a Volatile and Negative Week

Gold Weekly Technical Analysis

Gold markets initially rallied during the trading week but gave back gains to show signs of hesitation again. By doing so, the market looks likely to continue to struggle, but I do see a significant amount of support near the $1900 level. Gold does tend to consolidate for long periods of time, so that would not be a surprise, but to see buyers return in that general vicinity.

If we do break down below the $1900 level, then it is very likely the gold goes looking to reach the $1800 level over the next several candlesticks. On the other hand, if we were to turn around and take out the $2000 level, which was the high of the week, then we could go much higher, perhaps reaching the recent high.

Looking at this candlestick, it does suggest that there could be a little bit of follow-through, but I do not necessarily think that it is something that is going to be easy. Looking at this chart, it is likely that we could see more volatility than anything else, so make sure that you keep your position size reasonable because you could get wiped out rather quickly.

You also need to pay close attention to the 10-year note, and what the yields are. If yields continue to spike, that could offer quite a bit of trouble and send gold lower. All things being equal, this is a market that I think will continue to be difficult to get overly aggressive in, because quite frankly it looks as if it is going to consolidate, something that favors shorter-term traders over longer-term traders.

Gold Price Predictions Video 25.04.22

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