Gold Weekly Price Forecast – Gold Markets Show Hesitation

Gold markets have gone back and forth during the course of the week as we continue to be threatened by the US dollar. The greenback had strengthened quite drastically during the course of the week, especially on Thursday and Friday. With that being the case, the gold markets of course get hit, as the market could very well reach down towards the $1750 level. To the upside, if we were to break above the top of the candlestick then it is likely that we could go to the $1860 level which is where a gap has formed on the daily timeframe.

Gold Price Predictions Video 19.07.21

All things been equal, this is a market that I think continues to see a lot of choppy and sideways behavior, essentially paying close attention to the greenback and where it is going as to where we would be trading, as the gold markets are so highly sensitive. Furthermore, money had flown into the bond market multiple times during the week, and this suggests that perhaps we continue to see a lot of concern.

If we can break in one direction or the other, it would be great as it could give us a little bit of clarity, but I will state that the candlestick from five weeks ago is rather ominous looking, and it still looks as if the market is going to be paying close attention to that overall attitude. With this, I would be very cautious about position size, and I would also keep very close attention to the US Dollar Index, as it will gives a bit of a “heads up” as to where we may be going in this market.

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