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Gold Weekly Price Forecast – Gold Markets Drift Lower for the Week

·2 minuto per la lettura

Gold Weekly Technical Analysis

Gold markets have gone back and forth during the course of the week, as we continue to see a lot of noisy behavior in financial markets overall. This is not only true in other markets, but most certainly in the gold market. Looking at this chart, the $1800 level is obvious support and is important, so if we were to break down below that level, then it’s likely that we would see this market drop rather quickly. At that point, I would be looking at it moved to the $1750 level, perhaps even down to the $1700 level.

On the other hand, if we were to turn a breakout above the $1880 level, that allows gold to go much higher, perhaps reaching the $2000 level eventually. Look at this chart, in the short term I think that this market will continue to pay close attention to the rectangle that I have marked on this chart, as it has been so important over the last six weeks.

Ultimately, gold markets will have to pay close attention to the interest rate markets in the United States, and of course risk appetite overall. Also, it does make a certain amount of sense to pay attention to the US dollar itself. All things being equal, this is a market that will be making a bigger decision sooner or later, as we are starting to see a confluence of support and resistance, and markets eventually have to come to terms with where they are going from a bigger standpoint. As things stand, it looks like the market will eventually have to make an impulsive move.

Gold Price Predictions Video 27.06.22

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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