Gold Weekly Price Forecast – Gold Markets Give Up Early Gains for the Week

Gold Weekly Technical Analysis

Gold markets have rallied a bit during the trading week to show signs of strength yet again, following through on the huge green candlestick from the previous week. However, you have also seen the market give up his gains to form a shooting star. This is very interesting, considering that the previous week had seen such a huge move to the upside, but had very little in the way of follow-through. Remember, a lot of this was based upon the CPI figures last week, as the US dollar got hammered. Since then, we’ve done almost nothing.

So, the question at this point is whether or not it was a false breakout, or if it was the beginning of something bigger? If we break down below the $1750 level, then we could see this market drop down to the 200-Week EMA closer to the $1700 level. In that area, I would expect to see a little bit of pushback, and therefore we could see volatility.

On the other hand, if we were to turn around a break above the $1800 level, then we could go much higher, perhaps reaching to the $1880 level, possibly even the $2000 level over the longer term. Ultimately, this is a market that I think continues to see a lot of noisy behavior, but also is at a very important inflection point that a lot of people may not be privy to. With this, I am paying close attention to interest rates, because of the huge negative correlation. I will also pay attention to the US dollar at the same time.

Gold Price Predictions Video for the Week of 21.11.22

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