Gold Weekly Price Forecast – Gold Markets Continue to Go Sideways

Gold markets have gone back and forth during the course of the trading week, as we are hanging just below the 50 week EMA, which itself is flat. This tells me that the market is probably more likely than not going to continue going sideways, especially as we are heading into the holidays. Keep in mind the volatility may or may not pick up, because quite frankly if there is some type of “risk on” or potential “risk off event”, that could cause a major spike. However, if all things remain relatively steady, there are not that many players out there willing to put a lot of money into this market.

Gold Price Predictions Video 13.12.21

When you look at this chart, you can see that the $1900 level has been a major barrier above to cause resistance, just as the $1700 level underneath has been significant support. I anticipate that we probably see a lot of short-term back-and-forth behavior, meaning that longer-term traders probably will not necessarily have much to do over the next couple of weeks, but we have those barriers to pay close attention to. If we break out of them, then obviously something bigger could be at play, but right now I just do not see the catalyst.

Pay attention to the US dollar, because quite frankly the greenback has a strong negative correlation, and of course there are concerns about whether or not the Federal Reserve is going to actually be able to tighten. Because of that, gold might be a very interesting place in the beginning of next year.

For a look at all of today’s economic events, check out our economic calendar.