Gold Weekly Price Forecast – Gold Has a Volatile Week

Gold Markets Weekly Technical Analysis

The gold market initially rallied have been during the course of the week, and it really looked like it was going to take off. However, we have given back pretty much all of the gains and now we are threatening the $2,400 level. The $2,400 level is an area that I think a lot of people will be paying attention to as it had been previous resistance. If we were to break down below the $2,400 level, then I think it’s a situation where we could get plenty of buying pressure underneath and a lot of support near the $2,300 level.

I don’t necessarily want to short this market, but I do recognize that this is a market that may have a little bit of ugly behavior. If we were to break about the top of this candlestick, that would be an impulsive move to the upside, as breaking the top of a shooting star is always a very strong sign.

Either way, we’re still very much in an uptrend, and I think that remains the case going forward. $2,500 above is a target eventually. The question now is whether or not we need to pull back further in order to turn things around, or if we have a situation where the market bounces around here and truly takes off.

As for the weekly chart, again, we are in an uptrend, but it certainly looks as if we just aren’t quite ready to take off for a longer term move, which is not a huge surprise considering there’s a lot of global uncertainty when it comes to interest rates. The Europeans chose not to cut rates this week, and that may have caught some people off guard.

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