HomeWeekly Gold Price Forecast – Gold markets rush through a trendline

Weekly Gold Price Forecast – Gold markets rush through a trendline

gold markets It rose significantly during the week to break through the downtrend line, breaking above the 50-week moving average. By doing so, he showed extreme strength, but on Friday we had a huge sell-off. At this point in time, we seem to be trying to see if there is any follow-up to this breakout or not, and it must be said that this market is paying close attention to 10-year returns. With their ups and downs, that could have a huge impact on what happens in the gold market next.

Gold Price Forecast Video 25.10.21

You should also pay attention to the US dollar, in which the commodity is priced. If the US dollar rises, it will likely work against the value of gold as well. I don’t like the idea of ​​trying to get into that likable position, but if we do break above the $1,835 level, I would be more willing to be a buyer and hold the position. In the meantime, I suspect we’ll see a lot of turbulence in this general area, causing boisterous behavior at best.

From a longer-term viewpoint, the gold markets seem to have strong support at the $1700 level, and therefore I think this is the “market floor” for those looking for some sort of multi-month position. Although last week has been a bit noisy, at the end of the day we are hanging out in the same area. I suspect more consolidation is likely.

For a look at all of today’s economic events, check out Economic calendar.

This is amazing Article – Commodity Originally Posted on FX Empire

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