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GOLD weekly market FORECAST

skrimon

Active Member
Gold prices went down after some important news came out. One was that the FED emphasized the need for continued tightening to control inflation . Another was that weekly jobless claims went up a little bit, but still remain low historically. Gold price has been bouncing around a lot lately and has been on a downward trend. Right now, the price is down a bit and not at highest point. The recent price action on the 4-hour timeframe forms a bear flag breakout (a pattern where the price moves downwards over a period of several days or weeks) has led to the price of gold dropping below the 1870 support level . Traditionally, this would be seen as a sign of more downside in the gold market. Additionnally a bearish engulfing candle suggest that on the Monday price may go down. Price action is following my forecast from 2 week ago where I suggested that the price was at the reversal zone.
 
Gold prices went down after some important news came out. One was that the FED emphasized the need for continued tightening to control inflation . Another was that weekly jobless claims went up a little bit, but still remain low historically. Gold price has been bouncing around a lot lately and has been on a downward trend. Right now, the price is down a bit and not at highest point. The recent price action on the 4-hour timeframe forms a bear flag breakout (a pattern where the price moves downwards over a period of several days or weeks) has led to the price of gold dropping below the 1870 support level . Traditionally, this would be seen as a sign of more downside in the gold market. Additionnally a bearish engulfing candle suggest that on the Monday price may go down. Price action is following my forecast from 2 week ago where I suggested that the price was at the reversal zone.
Hi, Your analysis and prediction was spot on. Well done.
 

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