Gold Weekly Price Forecast – Gold Recovers During the Week
Gold Price Predictions Video for 12.12.22
Gold Weekly Technical Analysis
Gold markets have fallen a bit during the course of the week, only to show signs of strength yet again. The 50-Week EMA continues to offer support, and therefore it looks like we are going to try to break out to the upside. If we can break above the $1825 level, then it’s likely that the gold futures market will continue to go higher, perhaps reaching to the $1875 level. Anything above there opens up the very real possibility of a move to the $2000 level.
On the other hand, if we break down below the bottom of the candlestick for the week, then it is essentially a “hanging man”, which of course is a very negative turn of events. At that point, then it could open up the possibility of a move to the $1750 level, perhaps even lower than that. If we break down significantly, then it’s very likely that we go looking to the 200-Week EMA, which is closer to the $1700 level.
It’ll be interesting to see how this plays out, due to the fact that Wednesday has a major Federal Reserve meeting coming, and of course the announcement and the press conference that goes right along with it. I believe at this point it’s likely that we continue to see the interest rate markets have a huge effect on what happens with gold next, as the falling interest rates in America have driven gold higher. I expect the exact opposite could come into the picture as well, so keep in mind that you will have to pay attention to the 10 year yield and the value of the US dollar as well.
For a look at all of today’s economic events, check out our economic calendar.