Gold Weekly Price Forecast – Gold Markets Give Up Early Gains for the Week
Gold markets have initially rally during the course of the week but gave back gains in order to form a bit of an inverted hammer. The $1750 level continues to offer support, and therefore if we were to break down below there then I think it is likely that we drop towards the $1680 level. Breaking down below that level would open up a huge move down to the $1500 level. On the other hand, if we were to turn around a break above the candlestick for the week, then it is likely that we go looking towards the $1835 level.
Gold Price Predictions Video 27.09.21
The US Dollar Index of course has a negative correlation to gold, and as a result it is likely that the dollar rising will work against the value of gold. On the other hand, if the market sees the US dollar falling, that will give a lift to gold markets going towards the 50 week EMA. Breaking above that then would add more momentum into this marketplace, opening up the possibility of a breakout.
Interest rates in the United States of course have a major influence on gold, as rising rates are a killer for the value of gold. That being said, the market is likely to continue to see that 10 year yield correlation come into effect as well. Nonetheless, this is a market that certainly looks as if it is ready to drop, so a break down below the candlestick has me not only shorting this market, but perhaps a bit aggressively.
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