Gold Weekly Price Forecast – Gold Markets Hang On to Support

Gold Weekly Technical Analysis

Gold markets have gone back and forth during the week to form a slightly supportive candlestick, as we are hanging just above the 200-Week EMA. The market has been toiling in this area for a while, and it does suggest that we are trying to form a bit of a double bottom. The $1680 level is crucial for support, and as long as we can stay above there, it’s likely that we could see this market try to recover.

Regardless, you should keep in mind that the gold market is very volatile, and of course, has a lot of different influences that come into the picture. The most obvious one would be interest rates in the United States, as they are rising overall. In other words, it looks like the larger investors will continue to get paid holding paper instead of storing gold. That being said, if things do turn, gold might be one of the first markets to do so.

The $1750 level above could be significant resistance, and if we break above there, then we might go looking to the $1800 level. The $1800 level features the 50-Week EMA, and that could offer a bit of resistance. This would almost certainly coincide with the US dollar giving up some of its gains, which of course is a little overbought.

If we break down below the $1680 level, then gold markets will fall quite drastically. At that point, I think the first target would be $1600, and then possibly down to the $1500 level. Regardless, markets don’t go in one direction forever, so I do think that we may have more of a “fade the rally” move over the next several weeks.

Gold Price Predictions Video for the Week of 12.09.22

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