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During the week, gold markets exhibit signs of support following a rebound

Alina Haynes

May 07, 2022 10:30

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Weekly Technical Analysis of Gold 

This week, gold prices fell early, but found sufficient support near $1850 to reverse course and show signs of life. Due to this, it appears that the market is attempting to re-enter the previous consolidation region, and it is also worth noting that the weekly candlestick is a hammer, which is the same form as the previous week's candlestick. This normally indicates that a rebound is more likely than not, and a break above $1905 might confirm this.

 

Alternatively, if we were to break below the bottom of the hammer, it is likely that we would next target the $1800 level. The $1800 mark is a large, round, psychologically significant number and an area where substantial bullish pressure was previously observed. Because of this, I believe it would serve as support more often than not. In spite of this, I believe it is only a matter of time before we must make a larger decision, thus I believe it is only a matter of time before we must make a larger move.

 

Currently, I favor the upside, but I must maintain an open mind since there is certainly a great deal of market noise, and hence gold will continue to be volatile in the future. In light of this, maintain a modest position size and acknowledge that caution is currently the better part of valor.

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