Gold Weekly Price Forecast – Gold Markets Pull Back From 50 Week EMA

Gold Weekly Price Forecast – Gold Markets Pull Back From 50 Week EMA

Oops!Something went wrong.Please try again later.Christopher LewisJune 25, 2021, 10:43 AM·2 min readOops!Something went wrong.Please try again later.

Gold markets initially tried to rally during the course of the week, but we continue to see a lot of resistance near the $1800 level. The $1800 level of course is a large, round, psychologically significant figure, and also an area where the 50 week EMA currently sits. By pulling back the way we have, the market looks as if we are ready to go looking towards the $1700 level, possibly even the $1680 level. Because of this, it looks as if the exhaustion shows signs of continuation to the downside. After all, the weekly candlestick from the previous week was an extraordinarily long one, and a closed towards the bottom of the range.

Gold Price Predictions Video 28.06.21

If we break down below this past week's candlestick, then I think we will have to test that support level. If we do break down below that level, then it is likely that the market could go looking towards the $1600 level. In that general vicinity, we have the 200 week EMA which of course is a large indicator that a lot of people will follow.