Gold Weekly Price Forecast – Gold Markets Give Up Significant Gains

Gold Weekly Technical Analysis

Gold markets initially tried to break toward the $1750 level, which is an area that is important. However, we have pulled back from there to show signs of hesitation. The 200-Week EMA continues to be something worth paying attention to, and we did react to it. However, it looks like we are about to break down below it again, opening up the possibility of a move down to the $1680 level. This is an area that had been supported multiple times over the years, so breaking through there was a big deal. Now that we have jumped back over it, it’ll be interesting to see how this plays out because we are in the midst of a huge fight on a major level.

If we were to break down below the hammer from the previous week, that could open up quite a bit of significant selling pressure. A lot of this is going to come down to the US dollar and how it’s behaving, which is something that you need to be paying close attention to. Even more important than that is going to be interest rate in America, and if they continue to climb, that is going to continue to cause a lot of issues for gold.

At this point in time, it is still very much a downtrend that we have been in since the beginning of the year, and as long as the Federal Reserve looks to be very tight with its monetary policy, it does make a certain amount of sense that we will continue to see gold markets take the brunt of selling pressure.

Gold Price Predictions Video for the Week of 10.10.22

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