Gold Weekly Price Forecast – Gold Markets Give Up Early Gains

Gold markets have gone back and forth during the course of the week as the market has a lot to think about. After all, the market has been very choppy between Monday and Thursday, but the Friday session is where we got the tail on the candlestick. After all, the jobs number missed quite drastically, making the US dollar take a huge dip suddenly. However, we have recovered in the US dollar, and it showed signs of exhaustion in the gold market as the negative correlation has played out again.

Gold Price Predictions Video 11.10.21

The 50 week EMA sits just above, and of course will attract a certain amount of attention. Take a look at the candlestick before, it is a hammer so there is a certain amount of support just below. If we do break down below that level, the market is likely to go looking towards $1680 level, an area that has been important more than once. Because of this, I think that if we do reach towards that area, it could be a major fight for the market longer term. Breaking down below there almost certainly send the lot of selling pressure into the market, and at the very least I would anticipate that we go looking towards the 200 week EMA.

On the other hand, if we break above the 50 week EMA, then we more than likely go looking towards the $1835 level. That is an area that has been resistance more than once, so it does make a certain amount of sense that it could offer a target. If we break above there, then it becomes more of a “buy-and-hold” type of situation.

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