Gold Weekly Price Forecast – Gold Markets Pressuring Major Support

Gold markets have initially tried to rally during the course of the week but have failed at the same point yet again, only to turn around and get hammered on Friday as the addition of 943,000 jobs for the month of July has people believing that the Federal Reserve may have to tighten monetary policy much sooner than anticipated. Rising interest rates in the United States work against gold as it is much easier to hang onto paper than it is to pay for storage of precious metals.

Gold Price Predictions Video 09.08.21

At this point, the $1750 level underneath should continue to be support, and as a result I think a lot of people will be paying close attention to that level. If we were to break down below there, then the market is going to go looking towards that double bottom near the $1680 level. That is an area where I anticipate seeing a massive fight, because quite frankly if we give that level out, it could be very ugly for gold to say the least. At that juncture, I would be looking at a move closer to the $1500 level.

If we did somehow turn around and take out this candlestick, that would be extraordinarily bullish as it would be a complete rebuking of the support level underneath as being able to be broken. After all, you can see a couple of months ago we had a nasty candlestick that slammed right into it and stopped as well. All things being equal, this to me looks like a market that is likely to continue breaking down though, and I do believe that shorter-term traders will be fading each rally.

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