Gold Weekly Price Prediction – Gold Markets Collapse This Week

During the past trading week, gold prices have declined little to break through the $1680 threshold once again. As long as the Federal Reserve continues to tighten monetary policy, it seems likely that the status quo will persist.

Throughout the course of the week’s trade, gold markets have declined dramatically, surpassing the $1680 threshold once more. This location has been significant more than once, therefore it is likely that it has been sliced through many times in the recent two weeks, causing a great deal of destruction. The bond market and, of course, the Federal Reserve will determine whether or not this market continues to decline from here on out.

Looking at this chart, the hammer from a few weeks ago is something to keep an eye on, because if we break below it, it’s possible that the market will head towards the $1600 level, or even even the $1500 level. Ultimately, I have little interest in attempting to buy this market in the near future, especially given the probable resistance at $1750. If we were to break above that level, then we might start to argue about a trend reversal, but I do not believe that will occur at this time.

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads beginning at 0 pips and commissions of $3.50 every 100k traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

This market has been trending downward for some time, and I don’t see any reason to expect that will change. Ultimately, I prefer the idea of selling rallies and waiting for the Federal Reserve to alter its general stance before purchasing gold, which I believe would be a good “buy-and-hold” position at that point.

Leave a Comment