Weekly Gold Price Forecasts – Gold Markets Looking For A Bottom
Gold markets fell slightly during the trading week, but then rallied to recover. When they did, we ended up forming a bit of a hammer, which of course is a bullish sign. With this, it is very likely that we will continue to see the markets as the ones that will move against the US dollar, as there is a major negative correlation between these two markets. If we fall below the low of the candlestick, it is very likely that we are looking towards the $ 1680 level. This is an area that has of course been massive in meaning, so if we were to collapse underneath I think gold would collapse.
Gold Price Prediction Video 04.10.21
Looking at this chart, if we break past the previous week’s inverted hammer top, it is very likely that we could be heading towards the $ 1,830 level. If we break through this barrier of resistance, chances are we could look towards the $ 1900 level on the longer term charts. At this point, it’s all about the US dollar more than anything else, so in this case, I have nothing to counter other than the US dollar.
The confusion over the past couple of weeks shows just how tight the markets are right now, and it might give you the idea that inertia is building up for a bigger move. That being said, we need to see the next move unfold before we put any money to work for the longer term.
For an overview of all of today’s economic events, check out our economic calendar.