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Gold Weekly Technical Analysis
Gold markets initially rallied during the trading week to break significantly higher but have given back quite a bit of those gain to show a less-than-impressive candlestick. The shooting star-shaped candlestick does suggest perhaps we are going to get a bit of a pullback, which makes sense considering that we shot straight up in the air. Ultimately, you should also pay close attention to the 50 Weekly EMA, which is an area that longer-term traders pay close attention to as well.
If we break down below the bottom of the candlestick, then it’s likely that we could go to the $1810 level or so. The market is looking a bit sluggish at the moment, and even if we are trying to build a bit of a base, it would not be a huge surprise to see a pullback in order to attract more buyers. It is worth noting that we have a major trend line on the chart, which sits near the $1800 level. If we were to break down below that level, then it’s likely that we could break down quite drastically.
On the other hand, if we were to break above the top of the candlestick for this past week, that would be a bullish sign and certainly would attract a lot of attention. At that point, the market is likely to go looking toward the $1900 level. Breaking above the $1900 level then opens up the possibility of a move back to the $2000 level. Pay close attention to the bond market, falling yields would help gold rally.
Gold Price Predictions Video 30.05.22
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This article was originally posted on FX Empire