Gold Weekly Technical Analysis
Gold markets have fallen hard during the trading week as we continue to see the US dollar strengthened overall. Ultimately, this is a market that will continue to struggle with the idea of hanging on to gain as long as the US dollar remains strong. Furthermore, we have sliced through a major support level, so I do think gold has further to go. The $1680 level had been important for quite some time, and now that we are far below it, I just don’t see how gold can hang on to gains. Ultimately, this is a market that I will be looking for shorting opportunities on every bounce, and it’s likely that we will see plenty of them.
The $1500 level underneath is a decent initial target, but I would not be surprised at all to see the market breakdown below that level also. The size of the candlestick is reasonable, and it does suggest that we are going to go lower over the longer term. However, I also recognize that the gold market is a bit fickle and it does tend to be very noisy at times. With this being the case, I think you have to be very cautious and recognize that you do not want to jump in with both feet immediately.
This is a market that given enough time could even break down to the $1200 level, and I don’t think it changes its attitude until the Federal Reserve does. It does not look likely anytime soon, so I think we will continue to see plenty of selling pressure. With this, I remain bearish.
Gold Price Predictions Video for the Week of 26.09.22
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