Gold Weekly Technical Analysis
Gold markets have rallied a bit during the course of the trading week to break above the $1970 level. At this point, the market looks as if it is going to turn around and challenge the shooting star that formed about five weeks ago. That was where we had seen a double top previously, so if that double top gets taken out, it will be extraordinarily bullish. At that point, the market would threaten the $2100 level, perhaps even break above there.
Underneath, the $1900 level offers support, so if we were to break through that level it could confirm a longer-term double top and send gold much lower. The market will continue to be very noisy, but ultimately the overall trajectory still seems to be bullish. This being the case, I think it is only a matter of time before plenty of “FOMO traders” get involved and start taking advantage of everything.
In general, this is a market that will be noisy and as you can see, noisy. However, there are so many geopolitical concerns out there, and inflationary headwinds that it makes sense we would see the gold markets do quite well. I believe that the next several weeks will determine where we go long term, and the move could be rather big. Pay attention, and keep your position size reasonable, because we are about to figure out what the longer-term destination is for this market. We either break above $2100, or we crash back down to $1700. It is going to be very noisy but we should get clarity soon.
Gold Price Predictions Video 18.04.22
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
More From FXEMPIRE:
