Gold Weekly Price Forecast – Gold Markets Continue ConsolidatingGold markets have pulled back a bit during the course of the week but still look somewhat bullish overall as we have broken a major trendline. That being said, it looks like we have some work to do.
Gold markets have fallen a bit during the course of the week but remains somewhat elevated. After all, we have broken above a major downtrend line, and it certainly looks as if the hammer from the previous week is trying to hold in general. Because of this, I think it is only a matter of time before the buyers come in and try to support this market, but I do recognize that the $1850 level simply must hold. If it does not, then we threaten the downtrend line and could possibly break down below it.
Gold Price Predictions Video 14.06.21
If we were to break down below it, then it is possible that the market could test the 50 week EMA at the $1800 level. It is at that point that I would consider the bearish trend continuing, but right now we have a lot of work to make that happen. To the upside, if we can clear the $1910 level, then it allows the market to go looking towards the $1950 level. After that, it opens up the gold markets for a move to the $2100 level, which was the recent highs that the market started to pull back from.
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
When you look at the longer-term charts, this has been a significant pullback, but now it looks like we are at least attempting to make the move higher. That being said, expect a lot of noise and as we continue to focus on the idea of inflation. Pay close attention to the US dollar, as a falling US dollar should continue to help gold rally going forward.
For a look at all of today’s economic events, check out our economic calendar.