Gold Weekly Price Forecast – Gold Markets Form Inverted Hammer

Gold Price Predictions Video for 13.02.23

Gold Weekly Technical Analysis

Gold markets have initially rallied during the week, but then gave back gains. At this point, the market ended up forming a bit of an inverted hammer, which of course is a negative side unless of course we break above the top of it. If we were to do that, then we could rally towards the top of the previous candlestick, but right now it looks more likely than not we will see more downward pressure. If we were to break down below the bottom of the candlestick, then it’s very possible that we could go looking towards the crucial $1800 level.

The $1800 level obviously have a lot of psychology attached to it, and would make for good headlines. That being said, if we break down below there then we could even open up the possibility of a move down to the 200-Week EMA. As things stand right now, the candlestick for the week does seem to suggest that perhaps the weekly candlestick from last week meant something, and we probably have further to go. When you look at the daily chart, it’s been an unmitigated disaster all week, as we initially tried to rally multiple days in a row, only to turn around and fall. The daily candlestick pattern is multiple inverted hammers in a row.

When I look at this chart, I also understand that somewhere near the $2000 level is the top of the overall range that it’s been in for several years, so we may have peaked. That being said, a strengthening US dollar could add more credence to that idea as well, and it certainly looks as if the Forex world may be looking to pick up cheap dollars also.

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