Gold Weekly Price Forecast – Gold Markets Bounced From 200-week EMA

Gold Weekly Technical Analysis

Gold markets have fallen during the week but have also bounced at a crucial level that we have seen offer support multiple times. Because of this, it’s possible that we may continue to consolidate in the same general vicinity. After all, there is a lot of technical interest in this area, and I do think that it is probably only a matter of time before we see a bit of value hunting going on. That being said, the market breaks it down from here and below the support, the level would be very negative. At that point in time, would fully anticipate that gold could go down to the $1500 level.

On the other hand, if we can break above the $1750 level, it’s possible that the market could go looking to reach the $1800 level after that. The market of course is very noisy to say the least, but that’s nothing new for gold. The level that we are sitting just above has been very important for quite some time, so it’s not a surprise to see that there’s a bit of a reaction. I anticipate that we will continue a lot of noisy behavior around monetary policy, as traders continue to try and figure out what the Fed is going to do next.

There is a lot of noisy behavior to say the least, and I think that’s probably the most important thing that you can keep in the back of your mind, that there is plenty of volatility to go around, and that of course is going to cause a lot of headaches. With this, I think short-term it’s positive, but longer-term it’s a bit sideways more than anything else.

Gold Price Predictions Video for the Week of 05.09.22

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