Gold Weekly Price Forecast – Gold Gives Up Early Gains For the Week

Gold markets have initially rally during the course of the week but gave back quite a bit of the gains as interest rates on the 10 year continue to cause problems for gold. Ultimately, the market looks as if it could go a little bit lower but given enough time, I would anticipate buyers below. This is especially true near the $1800 level, which of course is a major round figure. The 50 week EMA sits just below there, so I it is only a matter of time before we go higher from that level if we form any type of support whatsoever. If we break down below there, things could get ugly and send gold down to the $1700 level.

Gold Price Predictions Video 11.01.21

Nonetheless, I think the best thing that you can do is simply wait for some type of support underneath to continue to go higher. I anticipate that we still have a lot of work to do in this general vicinity, so with that being the case do not be surprised at all to see choppy behavior. This is why I have been very cautious about position size, as the market is very difficult at times like this. Nonetheless, I do believe in the longer-term outlook for gold, just that we may need to build a bit more of a basing pattern in the meantime. I have no interest in shorting gold, as I do believe that the US dollar will continue lower over the longer term, but it is oversold so it does make a bit of sense that the greenback may pressure gold in this next few weeks.

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