Gold Weekly Price Forecast – Gold Markets Pull Back Ever So Slightly for the Week
Gold markets have pulled back just a bit during the course of the week, as we are above the $1850 level. That is a psychologically important area, followed by the $1835 level. That is an area that previously had been resistance, so at this point in time I think it is likely that we will see that defined the trend. As long as we are still above there, I like the idea of short-term pullbacks, in order to find value in a market that is ready to go higher. This will be especially true if the US dollar starts to shrink, but quite frankly the market is still looking at the inflation and interest rate differential, which has not converge.
Gold Price Predictions Video 22.11.21
If we break above the top of the candlestick for the week, then we will go looking towards the $1900 level above, which could open up an even bigger move. If we turn around and break down below the bottom of the support level at the $1835 level, then I think is likely we go looking towards $1800 level. It will continue to be noisy in general, but I do think it still favors the upside for the most part. If inflation truly is going to start running away, gold may finally take off to the upside yet again. That being said, gold is not something you go “all in” with both feet, because quite frankly the choppy volatility can give you fits and starts in your portfolio.