Gold Weekly Price Forecast – Gold Markets Break Toward Resistance

Gold Price Predictions Video for 05.12.22

Gold Weekly Technical Analysis

Gold markets have initially pulled back a bit during the course of the week, showing signs of negativity. However, just as we had seen during the previous week, buyers came back in to pickup gold “on the cheap.” By doing so, the market is likely to continue to see the upside, and therefore I think that we could see a lot of rushing into gold to take advantage of the momentum. Furthermore, we continue to see a lot of problems with the US dollar, as it has been correcting.

It is at this point that I think we are trying to figure out where we’re going next. If we break out to the upside, he could see a rush that $1900 level rather quickly. On the other hand, if we turn around I think there is a lot of support all the way down to the bottom of the hammer from the previous week at $1735. Keep in mind this time of year does tend to have some liquidity issues, so the moves could be very sudden and violent.

In this environment, you need to be cautious more than anything else but it certainly looks as if gold is trying to rally and catch up with the silver market. I like the idea of the recovery, but I also believe that the US dollar probably has something to say about all of this before it’s all said and done. Volatility will probably get worse.

For a look at all of today’s economic events, check out our economic calendar.