Gold Weekly Price Forecast – Gold Markets Get Hammered

Gold Weekly Technical Analysis

Gold markets have plunged during the trading week to slice through the $1800 level. By doing so, it does show a certain amount of weakness, but it is worth noting that the market did fight back. If we were to break down below the bottom of the candlestick for the week, I think at that point in time you could see further weakness in the gold market, perhaps giving up about $100.

Rallies at this point are nice buying opportunities for a consolidation play, but I would not consider them to be much more than that. The market continues to be noisy, and of course will be highly sensitive to interest rates in the United States, which have been quite noisy as of late. Initially, gold really started to break down, but we did see a little bit of a reprieve once New York came online, so perhaps that is something worth paying attention to as well.

If the market were to break higher, I think that the $1880 level is going to be major resistance. That will be tough to get above. If we can break above there, then it’s likely that the market really starts to take off, perhaps hitting the $2000 level before it is all said and done. I don’t necessarily think that is going to happen anytime soon, but it is something that you need to pay close attention to. Ultimately, it is probably easier to trade this market from a short-term perspective, as markets are so noisy and difficult at the moment. Given enough time, I do believe that we have the possibility to see this market show extreme strength or weakness, it’s essentially a 50-50 argument right now.

Gold Price Predictions Video 04.07.22

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