Gold Weekly Price Forecast – Gold Markets Fail to Break Out

Gold Price Predictions Video for 19.12.22

Gold Weekly Technical Analysis

Gold markets have been very volatile during the course of the week, breaking above the $1820 level, showing signs of life again as we attempted to break out. By breaking above the level at one point, the market then looked as if it was ready to go much higher, but by the time we closed out business, we were below that level yet again. Perhaps we do not have enough momentum to truly take off heading into the weekend, or perhaps even the holidays.

Keep in mind that the market will continue to be very noisy, but liquidity could become an issue for the next couple of weeks. If we break down below the bottom of the candlestick, and perhaps more importantly, the bottom of the hammer from the previous week, that could be a sign that we have a deeper correction. Pay attention to interest rates, because of they start to climb again, that could be bad for the gold market in general.

On the other hand, if we can take out the high of the week, that opens up the possibility of a move to the $1875 level. That’s a major area of resistance and breaking above that would open up a huge move in gold. As things stand right now, I’d be willing to guess that more likely than not, we will see a lot of back and forth sideways trading between now and the New Year’s Day holiday. Keep in mind that a lot of traders do not want to put a lot of money into the market this time of year, as they start to focus more on holidays and a lack of liquidity.

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