Gold markets weekly technical analysis
The gold market has fallen a bit over the course of the trading week, but it looks like we’re actually stabilizing somewhat and I’m registering this after the US jobs and employment numbers came out a little stronger than expected, although nothing major. That’s why I think you have a scenario where we’re just going to bounce around in this area. It’s worth noting that there is an uptrend line that we are approaching, and that up trend line should also provide plenty of support. If we can get above the USD 2,725 region, it will open a move towards the USD 2,800 level.
Breaking below the uptrend line then creates the possibility of a decline to the $2,500 level, followed by the $2,400 level where we see the 50-week EMA. All things being equal, this is a market that I think still has a lot of volatility and choppiness, but that makes some sense when you consider how much is happening in the world. After all, we still have a hot war in Ukraine that is rightfully making many people nervous.