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Popular Analyst Makes Weekly Forecast For Gold: These Levels!

Popular Analyst Makes Weekly Forecast For Gold: These Levels!

The gold market fluctuated quite sharply last week. Gold prices hit an 18-month high on Thursday, triggered by the Russian invasion of Ukraine. Afterwards, it reversed its course on Friday and started to decline, with the assessment that the sanctions to be imposed on Russia by the West would not have a significant impact on the economies. Popular market analyst Christopher Lewis draws a technical picture of gold prices. We, as Cryptoify.news, present the analyst's own unique meaning to the readers of Cryptoify.news.

“If there is a flare-up in Ukraine, we can blow the top of the shooting star for gold”

Gold markets initially tried to recover during the trading week, reaching the $1,975 level before pulling back to form a shooting star. As a result, when you look at this chart, you can clearly see that we are attempting a major breakout. However, we now find ourselves sitting above a potential major support at $1,880. As an area that had previously shown resistance, it makes some sense that it could offer support. However, if we break below the bottom of last week's candlestick, this could push the market closer to the 50-week EMA, at $1,808.

“If there is a flare-up in Ukraine, we can blow the top of the shooting star for gold”

If we had a flare-up in Ukraine or something like that, we could blow up the top of the shooting star. But I think it's more or less "blown up", especially when you look at the daily or even hourly charts. I think we desperately needed this to turn things around. So the question now is whether we're going through some kind of panic to keep gold going. At this time, I suspect we will be returning to the previous consolidation area.

I think the only thing you can count on is that we're going to fluctuate pretty fiercely, especially since there's so much concern not just about the Ukrainian invasion, but also about inflation fears around the world. Position sizing is going to be the most important thing you can pay attention to.

Next week's agenda will be Jerome Powell

Next week , FOMC Chairman Jerome Powell will testify before the U.S. Senate Banking Committee. Here, Jerome Powell's answers to questions about the potential impact of the Russia-Ukraine war on the policy outlook will be important. In the meantime, let us remind you that the FOMC policy makers have repeatedly said that they are not worried about the labor market, but that market participants will still pay close attention to wage inflation.

Source: Fxempire

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