Gold Weekly Price Forecast – Gold Markets Have Massive Turnaround for the Week

Gold Weekly Technical Analysis

Gold markets have fallen for the week initially, only to turn around and skyrocket on Friday. Quite frankly, there’s a lot of concern right now about what central banks around the world are going to do and is probably worth noting that late during the day on Thursday, there was massive gold buying, noted by several futures analysts. Whether or not this means anything in the future, well that is going to be a question for them. However, what I do see is that there is a lot of resistance just above, so I think we are more likely than not going to go sideways in the short term.

If we can break above the $1750 level, then it would be a huge turnaround in the market, perhaps opening up the possibility of a bullish market. I think that does happen eventually, but we are nowhere near a scenario where central banks around the world start to loosen monetary policy, especially the Federal Reserve. While there are some people out there that are trying to “front run the Fed”, the reality is that they are going to stay tight for longer than most people anticipate, so I do think that rallies and gold probably have somewhat of a limited shelf life.

If we were to break down below the lows of the last couple of weeks, then it’s time to start shorting again, because it would be a breach of a rather major short-term support. At that point, I anticipate the goal will go to the $1600 level, perhaps even followed by the $1500 level after that. Remember the US dollar and interest rate negative correlation to this market as you trade it.

Gold Price Predictions Video for the Week of 07.11.22

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