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Gold Weekly Price Forecast – Gold Markets Fall Into Support

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·2 min read
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Gold markets have initially tried to rally during the week but then gave back gains to crash into the $1750 level. The $1750 level of course is an area that has shown a certain amount of support previously, but the fact that we are closing at the very bottom of this range does suggest that perhaps we are getting ready to break down. Breaking down from there should open up a potential move towards the $1680 level, an area that has been massive support previously.

Gold Price Predictions Video 20.09.21

The hammer that bounce from that area was rather impressive, but when you look at the longer-term charts, we have been slumping lower for a while, so it looks as if we are going to continue to drift lower over the longer term. That being said, if we were to turn around a break above the $1800 level, then it is possible that we could go higher. In general, this is a market that has struggled for a while, and as long as the US dollar starts to strengthen, that should send gold lower.

If we were to break down below the $1680 level, then it is likely that we could go looking towards the $1600 level. That of course is a large, round, psychologically significant figure, but quite frankly I think we go lower than that if we break down. Pay close attention to the US Dollar Index because it will have a major negative influence on this market if it continues to rally. In general, this is still a very suspicious looking market, but it is worth noting that the $1680 level has been massive support so it will be difficult to break through.

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

This article was originally posted on FX Empire

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