Gold Weekly Price Forecast – Gold Markets Recover for the Week

Gold markets have fallen a bit during the course of the trading session but ended up the week and showing signs of positivity. I think that when you compare the weekly and the daily chart, you begin to see more of a sideways consolidation setting up than anything else. We did form a shooting star on Friday, that of course being a negative sign. However, the weekly candlestick is a bit of a hammer which of course is positive. This tells you that the market simply does not know where it wants to go, and the fact that we are heading into Christmas week probably exacerbates this a bit.

Gold Price Predictions Video 20.12.21

If we do break above the top of the candlestick, then $1875 will become a major barrier. On the other hand, if we break down below the bottom of the candlestick, then it is likely we go looking towards $1725 level. Either way, I think the one thing you can probably count on is going to be a lot of noisy behavior, as the market simply do not want to put too much effort in moving things around between now and New Year’s Day. That being said, there is a big fight in the bond market right now as to whether or not the Federal Reserve can hike rates as many times as they suggest, or if it is just smoke and mirrors as per usual. Because of this, I anticipate that gold is going to be very noisy and sideways, so it is probably better played from a short-term perspective than anything else.

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