Gold Weekly Price Forecast – Gold Markets Have a Bullish Week

Gold Weekly Technical Analysis

Gold markets have rallied rather significantly during the course of the week, as it looks like we are hell-bent on threatening the $1800 level. $1800 level is an area that is relatively important based upon previous support, and thereby should bring in quite a bit of “market memory.” In this phenomenon, there should be a lot of orders waiting to get involved, perhaps pushing the market back down.

On the other hand, if we turn around and continue to go higher, it’s likely that the $1800 level will put up quite a fight. If we were to break above the $1800 level, then it’s possible that the market could go looking to the 50 Week EMA, which is right at the $1832 level. Obviously, this would be right along with a massive selloff in yields, and thereby would see assets move against the dollar everywhere.

I believe that we are more likely than not going to see a lot of noisy behavior more than anything else, so with that being the case you need to be very cautious with your position sizing. If the market turns around against you, you need to get out quickly because it’s going to continue to be very volatile going forward. The next couple of weeks could be a bit crazy, so you need to pay close attention to yields more than anything else as it seems like they are driving everything right now. Position sizing will be everything, and need to make sure that you do not risk too much at any one time because of the massive amounts of volatility that we are seeing in the GDX.

Gold Price Predictions Video for the Week of 01.08.22

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