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Gold Weekly Price Forecast – Gold Markets Break Significant Support Multiple Times During the Week

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Gold Weekly Technical Analysis

Gold markets have broken down significantly during the trading week as we continue to see a lot of negativity. Ultimately, this is a market that is worth paying attention to because it has been so oversold. In this situation, you need to pay close attention to the bond market, because it could be rolling over, and if that is going to be the case, we should see quite a bit of upward momentum in gold. After all, the Friday candlestick it is trying to form a bit of a hammer and therefore we could be getting ready to reach the $1850 level. If we were to break above there, then it is likely that we could go to the $1900 level

Breaking down below the bottom of the candlestick for the week opens up the possibility of the market moving down to the $1775 level. After that, the $1750 level will be a target as well. This is a market that is going to continue to be very volatile and that makes quite a bit of sense considering how much trouble we are having in the global markets. The market will continue to be one that you need to be cautious with your position sizing, and therefore only add once the trade starts to work out in your favor. The $1900 level being broken to the upside would be a major move, but at this point we have a lot of work to do before we can consider that to be likely.

Gold Price Predictions Video 16.05.22

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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