Gold weekly technical analysis
Gold markets fell quite significantly during the trading week to break above the $1680 level again. This is an area that has been important more than once, so it’s likely that we’ve seen a lot of destruction cutting it multiple times over the past two weeks. Whether or not we continue to see this market fall from here will depend on the bond market and of course the Federal Reserve itself.
Looking at this chart, the hammer from a few weeks ago deserves attention because if we break below it is likely that the market will turn towards the $1600 level, maybe even towards the 1500 level. $. Ultimately, this is a market I have no interest in trying to buy anytime soon, especially since the $1750 level offers such potential resistance. If we were to break above this level, then we could start to argue about a slight change in trend, but at the moment I don’t think that will be the case.
It’s a market that’s been down for some time, and I don’t think there’s any reason to believe that’s going to change. Ultimately, I like the idea of selling rallies and waiting for the Federal Reserve to change its general attitude before buying gold, which at this point would probably be a good type situation “buying and keeping”.
Gold Price Prediction Video for the week of 17.10.22
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