Gold Weekly Price Forecast – Gold Markets Break Down During the Week

Gold Weekly Technical Analysis

Gold markets have fallen rather significantly during the course of the trading week to break through the $1680 level yet again. This is an area that has been important more than once, and therefore it’s likely that we have seen a lot of destruction done by slicing through it multiple times over the last couple of weeks. Whether or not we continue to see this market fall from here is going to come down to the bond market and of course the Federal Reserve itself.

Looking at this chart, the hammer from a couple of weeks ago is something worth paying attention to, because if we do break down below there, then it’s likely that the market goes looking to the $1600 level, perhaps even down to the $1500 level. Ultimately, this is a market that I have no interest in trying to buy  anytime soon, especially as the $1750 level offers such potential resistance. If we were to break above there, then we can start to have the argument about a bit of a change in trend, but right now I don’t think that’s going to be the case.

This is a market that has been drifting lower for a while, and I don’t think there’s any reason to believe it’s going to change. Ultimately, I like the idea of selling rallies, and waiting for the Federal Reserve to change its overall attitude before I buy gold, which at that point I think would probably be a nice “buy-and-hold” type of situation.

Gold Price Predictions Video for the Week of 17.10.22

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