Gold Weekly Price Forecast – Gold Markets Have a Tough Week

Gold Weekly Technical Analysis

Gold markets have fallen rather hard during the trading week, breaking through the $1680 level late on Thursday, with Friday being an attempt to recapture it. That being said, interest rates in the United States and a strengthening US dollar continue to work against the value of gold in general. If we break down below the bottom of the candlestick, I think it will open up fresh selling, perhaps down to the $1500 level.

The candlestick is much bigger than many of the other ones, so it is worth paying close attention to the fact that momentum has picked up. Interest rates in America continue to climb, and therefore it’s worth noting that the interest rate market is going to continue to work against the value of gold overall. Furthermore, the greenback continues to rise, so it will take less of those dollars to buy an ounce of gold.

As long as the Federal Reserve is going to continue to be very tight with its monetary policy, I just don’t see a situation where the gold markets have an easy run higher. That’s not to say there won’t be the occasional bounce, but the reality is that we will be fading rallies at the first signs of trouble. Longer-term, we could go down to the $1500 level, but is probably going to take a while to get down there. The $1500 level course has a lot of psychology attached to it, so do not be surprised to see a big fight there as well. Ultimately, we have just broken below the 200-Week EMA, which is also a very negative technical event.

Gold Price Predictions Video for the Week of 19.09.22

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