Gold Weekly Price Forecast – Gold Markets Have Tough Week
Gold markets have gotten crushed during the course of the week to slice through the 50 week EMA, and then slam into the trendline that I have marked on the chart. At this point, the market is closing close to the very bottom of the candlestick, which of course is a very rough look. Because of this, I think it is probably only a matter of time before we see some type of an attempt to save this market, but ultimately, I think what we have is a scenario where the market needs to save itself soon, or we will go crashing towards the $1700 level.
Gold Price Predictions Video 29.11.21
The size of the candlestick does suggest that we have further downward momentum to go, but I also would be a bit cautious due to the fact that it was a knee-jerk reaction to the new coronavirus version, and the fact that we had almost no liquidity in the markets. Because of this, I think what we have is a scenario where the Monday session will probably be the most crucial one next week, giving us a bit of a “heads up” as to whether or not the market takes the threat of the new coronavirus version coming out of South Africa seriously.
Yes, Thursday and Friday were horrible trading sessions, but they also did not have any of the big New York banks involved either. Because of this, I think what we have is a scenario that suggests we have a big move coming, and we should have an idea where that is going to be over the next couple of days. Pay attention to the US dollar, the negative correlation remains.
For a look at all of today’s economic events, check out our economic calendar.