Gold Weekly Price Forecast – Gold Markets Have Explosive Week

Gold Weekly Technical Analysis

Gold markets have rallied rather significantly during the course of the week to reach the 50-Week EMA. Furthermore, on the daily chart you need to keep in mind that we are right at the 200-Day EMA, which of course will have a lot of influence as well. Ultimately, if we were to break above this area, then it’s likely that we could go looking to the $1800 level.

On the other hand, if we break back down below the $1750 level, we may be in the midst of a steeper correction. Gold looks really good at the moment, but we also have to worry about the fact that although we have seen such a huge move higher, the reality is that we had loaned through a lot of support. All things being equal, gold looks a little bit more positive than negative at the moment, and if we were to break above the $1800 level, then I think you could see a lot of upward momentum entering the situation.

However, I think you will continue to see a lot of volatility, so you can only read so much into the candlestick. Furthermore, a lot of this is based upon the Federal Reserve possibly pivoting, which is nowhere near happening anytime soon. The 7.7% inflation in the United States is nowhere near tame enough to keep the Federal Reserve from staying, so that being the case is more likely than not going to be a situation where eventually we pulled back. That being said, it is difficult to guess what the Federal Reserve will be on the market, because quite frankly the market continues to fly in the face of it.

Gold Price Predictions Video for the Week of 14.11.22

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