Gold Weekly Price Forecast – Gold Markets Get Dropped

Gold Weekly Technical Analysis

Gold markets have broken down significantly during the course of the week to drop to the $1760 region. There is a gap sitting just below the $1750 level, easily seen on the daily chart. It’s worth noting that this is a market that will continue to be very noisy, but it certainly looks as if we are ready to continue going lower. Also, we are closing toward the very bottom of the candle, typically meaning that there is going to be a bit of follow-through.

You should also pay close attention to the fact that the US dollar is strengthening, and of course, interest rates are starting to pick up again. This has been a relatively slow-motion train wreck in the gold market, and it has confirmed that the $1800 level will continue to attract a lot of attention. The 50 Week EMA is at the $1827 level and dropping, so I think you need to get through all of them to consider a longer-term trade to the upside.

The size of the candlestick is notable as well because it has swallowed the previous couple of weeks. This tells me that there is more people getting involved and therefore I think it makes quite a bit of sense that we will continue to see interest in shorting. That being said, the real support is probably closer to the $1700 level, and if we were to break down below there, it would make a huge shift in the attitude of gold overall. On the other hand, if we were to take out the 50 Week EMA, it’s possible that the market is looking to the $1900 level.

Gold Price Predictions Video for the Week of 22.08.22

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