Gold Weekly Price Forecast – Gold Markets Give Up Early Gains

Gold Price Predictions Video for 26.12.22

Gold Weekly Technical Analysis

Gold markets have rallied during the trading week, breaking above the $1820 level. However, we have seen the market turned back around, as we continue to hover around the $1800 region. This is a situation where the market is trying to climb in a nice up trending channel, but it’s also worth noting that we have struggled to actually follow through with the upward momentum. On the other hand, if we were to turn around and break down below the $1800 level, then we take a look into the minor uptrend line underneath.

Breaking below the 50-Week EMA could send this market much lower, perhaps sending the gold market down to $1750, maybe even lower than that. However, it’s worth noting that gold markets have been very strong, and I think as long as we continue to see the same economic conditions, it is likely that any pullback will eventually pick up some buying pressure as traders try to find a bit of value.

A break above the top of the candlestick from both this past week and the week before it opens up a move to the $1875 level, which would be rather strong. I think that probably happens given enough time, but we need to get through the holiday season to see a situation where the market has enough momentum to do something like that. The next several sessions, and into a couple of weeks from now, could be rather quiet as we await some type of clarity when it comes to the attitude of the market. I suspect that for the next week or 2 we hang around the $1800 level and try to feel things out.

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