Gold Weekly Price Forecast – Gold Markets Break the Top of a Shooting Star
Gold Weekly Technical Analysis
Gold markets have rallied significantly during the trading week to break above the top of the shooting star from last week. The 50 Week EMA sits above at the $1830 level and offers a bit of resistance. This has been a nice rally, but much like the stock market, one has to wonder whether or not it is just a bear market rally at this point. Ultimately, I believe this is a situation where we will continue to see a lot of volatility, and that makes quite a bit of sense considering we have so much noise when it comes to the Federal Reserve. The Federal Reserve of course will have a major influence on interest rates, and therefore gold.
If we break down below the bottom of the candlestick for the week, then it is possible that we go down to the $1750 level. If we break down below there, then we could test the lows again, which is essentially the bottom of the larger consolidation range. To the upside, if we were to break above the $1830 level, then it’s likely that we continue to go higher, at least another $40. Once we break above the $1880 level, then it opens up the possibility of a much bigger gain, perhaps all the way up to the $2000 level.
Having said that, it looks like the market is starting to run into a bit of exhaustion, but whether or not we turn around is still a bit of an open question. I do think it’s more likely than not, but at this point you have to be cognizant of just how volatile the bond market has been.
Gold Price Predictions Video for the Week of 15.08.22
For a look at all of today’s economic events, check out our economic calendar.