Gold Weekly Price Forecast – Gold Markets Attempt to Recover
Gold Weekly Technical Analysis
Gold markets initially plunged lower during the week, but as we are closing out the Friday session, we find ourselves nearly $1600 level, which is an area that has been important more than once. Because of this, I would expect to see a certain amount of pushback in this general reason, but I think what you are probably going to have to do is drill down to the daily chart, because quite frankly there is so much noise out there. With that being said, I do anticipate that we will continue to see a little bit of follow-through, followed by a selloff.
If the US dollar starts to spike again, that will be exactly what sins gold tumbling. The $1680 level of course is rather important, but even more important would be the $1600 level, because if we were to break down below there we would then send this market to much lower levels. The market breaking down below that area opens up the $1500 level, and then possibly even as low as the $1250 level.
We are at extreme lows though, at least for the time being so recovery rally does make all of the sense in the world. And I think will end up offering another selling opportunity before it’s all said and done. I have no interest in buying this market until we break well above the $1750 level, and even then, I would need to see some type of change when it comes to the attitude of central banks and of course the fundamental situation altogether. Gold does not operate in a vacuum, so simple chart reading will not do the trick.
Gold Price Predictions Video for the Week of 03.10.22
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