Gold Weekly Price Outlook – Gold Has a Volatile Week

Gold Markets Weekly Technical Analysis

The gold market initially fell rather rapidly during the middle part of the week to reach the 2,580 level or so but on Friday saw a massive shot higher to do quite a bit of recovering. A lot of this can be laid directly at the feet of Jerome Powell who had a horrible press conference which had people concerned about whether or not the Federal Reserve is going to have to start tightening again or maybe just not cutting at all in 2025. With the interest rate market going crazy and the US dollar, of course strengthening quite drastically, that obviously had a knock on effect on gold.

At this point, the market looks as if it is trying to set up some type of consolidation area, as seen by the shooting star of the previous weekend, the now what looks to be a hammer from this past week. So, this to me looks a lot like a market that is probably going to go sideways for a while. That makes quite a bit of sense considering that the holidays are here and that has a major influence on liquidity, so therefore I think that you are more likely than not going to see a market that goes sideways and just looks for some type of directionality at least until we get through the new year holiday. With that, I remain somewhat bullish, but I’m more neutral at least in the short term.

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