Gold Weekly Price Forecast – Gold Markets Form a Hammer

Gold markets have fallen during most of the week but found a bit of a recovery at the end of it. That being said, the market is likely to continue to see a lot of support in this area, but whether or not it can turn around might be a completely different scenario. It is worth noting that several currency pairs look the same right now, against the US dollar. However, we have had a blowout the jobs number on Friday, which of course most of the market was not able to react to due to the fact that it was Good Friday. In other words, we have the same set up that we had last week in a sense.

Gold Price Predictions Video 05.04.21

If we break down below the bottom of the hammer for the week, that would be a very negative candlestick and it should send this market to reach down towards the 200 week EMA, perhaps even the $1500 level. On the other hand, if we break above the highs of the last couple of weeks, then we could go looking towards the $1800 level. All things been equal, yields rising in America should continue to against the gold market longer term, but right now it looks as if the market is perfectly comfortable sitting in this general vicinity and hanging about. The overall attitude of the market could be determined by the next impulsive candlestick, so if you are a longer-term trader you should have a nice set up sooner or later, I simply waiting for the market to either shoot higher or lower and following it.

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