Gold Weekly Price Forecast – Gold Markets Plunge

Gold Weekly Technical Analysis

Gold markets have been hammered during the week, breaking through the $1800 level, uptrend line, and then finally the $1750 level. That being said, the market is likely to continue to see a lot of downward momentum, but we are so oversold in the short term that we may get a little bit of a bounce. We certainly did see an attempt to stabilize on Thursday and Friday, so it will be interesting to see whether or not we get some type of recovery rally.

On the other hand, if we were to break down below the bottom of the candlestick for the week, that suggests that we are going to go much lower. That being said, it’s not until we break above the top of this candlestick that I might be convinced about some type of major change. The US dollar has a major influence on this market as well, and it should be said that the US dollar has been extraordinarily strong, so obviously we have turned things around against the gold market.

I think that given enough time, we will see this as a situation where we completely continue to go to the downside, but if we were to turn around and take out this candlestick, one would have to think that perhaps we are getting ready to go to the $1880 level. Breaking above that opens up the possibility of a move to the $2000 level, but I would not hold my breath waiting for that to happen. At this point, the market is likely going to continue to see a lot of volatility more than anything else. Keep your position size reasonable.

Gold Price Predictions Video 11.07.22

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