Gold Weekly Price Forecast – Gold Markets Have Rough Week

Gold markets have fallen during the course of the week to reach down towards the $1780 level but are starting to stabilize on Friday which of course is a good sign. All things been equal, the market is likely to continue to see a lot of noisy behavior, and of course sideways behavior. Ultimately, this is a market that I think will continue to be very noisy and choppy, but at the end of the day it is probably not one that a lot of longer-term traders will be interested in at the moment.

Gold Price Predictions Video 10.01.22

The 50 week EMA is slicing right through the middle of all of this, so it certainly makes sense that the markets continue to go sideways in general. All things been equal, this is a market that looks like it is bouncing around between $1760 on the bottom and $1830 on the top. If we can break out of this range, then we can have a little bit bigger move that longer-term traders will pay attention to.

That being said, with the interest rates in America rising that does not help gold in and of course there are a lot of concerns out there about inflation in general which could. In other words, this is a market that is very noisy and choppy, so therefore you need to keep your position size relatively small. Quite frankly, I think longer-term traders are going to ignore this market, but shorter-term range bound traders will probably love it. Ultimately, this is a market that will eventually make a bigger move but as you can see, we have been range bound for over a year.

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