Gold Weekly Price Forecast – Gold Markets Test Major Trendline

Gold markets have had a negative week again, breaking through a significant uptrend line, but did bounce enough on Friday to at least retest it. It is because of this that we are likely to see a move sooner rather than later, as the market tries to figure out where it wants to go longer term. Pay close attention to the US dollar, because if it continues to spike higher, that will eventually work against the value of gold. Furthermore, interest rates in America rising is a bad thing for gold as well, so therefore I think you should be very cautious going forward. With this, I think it is probably only a matter of time before we get some type of answer to the direction.

Gold Price Predictions Video 06.12.21

The easiest way to play this candlestick is to simply wait and see which way we break, be it higher or lower. While the candlestick did have a red body, the range itself showed a little bit more along the lines of confusion. Because of this, I believe that the market will eventually make a move towards either the $1825 region, or down to the $1700 level. When you look at the 50 week EMA, we are currently somewhat flat, and therefore I think it makes a certain amount of sense that we would see confusion. At this juncture, I believe that the market probably sees a bigger move, but we need some type of certainty when it comes to either “risk on”, or potential “risk off” behavior. Either way, wait for a break of this candlestick in one direction or the other before putting any money to work.

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