Gold Weekly Price Forecast – Gold Markets Form a Hammer for the Week
Gold Price Predictions Video for 28.11.22
Gold Weekly Technical Analysis
Gold has fallen significantly during the trading week, but then turned around to form a bit of a hammer. What’s interesting is that we have seen a complete turnaround and the trendline hold. Ultimately, I think that we’ve got a situation where we are trying to turn around and take off to the outside, but we need to take out the top of the previous weekly candlestick. After that, then we have to deal with the $1800 level, but it certainly looks as if gold is trying to change its overall trajectory.
While a falling US dollar could help, the reality is that both the US dollar and gold could rally at the same time, because that correlation breaks down occasionally. Ultimately, if we can break above the $1800 level, it could send this market toward the $2000 level. On the other hand, if we were to turn around and break down below the bottom of the candlestick, then it opens up the possibility of a move down to the $1680 level.
All things being equal, this is a situation where we are about to make a bigger move one way or the other, so the next week or 2 could be crucial. Ultimately, this is a situation where we should get a big signal one way or the other soon, so observing which direction we break will perhaps opening up at least $50 with a value, maybe even more than that. Pay attention to interest rates, because if they do fall rapidly, that might be reason enough for gold to go higher, but if there’s a sudden concern and a run toward safety, that can also drive this market higher.
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