Weekly gold price forecast: Gold records a rise for the week

Recommendation of the week gold against the dollar

• The risk is 0.35%.
• Last week’s sell trade was activated and the stop loss was reached
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Best entry points buy

• Entering a long position with a pending order from 1777 levels
• Best pip points to place stop loss closing below 1757 levels
• Move the stop loss to the entry area and continue to profit as the price moves by $12.
• Close half of the contracts with a profit of $15 and leave the rest of the contracts until the strong resistance levels at 1814.

Best selling entry points

• Entering a short position with a pending order from 1820 levels.
• Best pip points to place a stop loss close the highs of 1835
• Move the stop loss to the entry area and continue to profit as the price moves by $12.
• Close half of the contracts with a profit of 15 pips and leave the rest of the contracts until the support levels 1777.

gold analysis

The price of gold rose during last week’s trading, with the dollar declining against the major currencies, as inflation data that recorded a decline during last week’s data contributed. Analysts also expect that inflation will witness the beginning of a shift during the remaining quarter of this year after the adoption of the anti-inflation law, as US President Joe Biden aims to sign the law after it was passed by the US House of Representatives, which may contribute to reducing the pace of inflation. Thus, the Federal Reserve may raise the interest rate in the United States at a slower pace, which may reflect on the price of gold. At the same time, the Fitch Agency report showed that the global supply chain crisis is about to end, which are signs that may show signs of a slight economic breakthrough.

On a technical level Gold traded inclined during the past week to maintain the bullish trend for the fourth consecutive week. Gold is also trading within a bullish price channel on the four-hour time frame, which is shown on the chart. At the same time, gold is trading above the support levels that are concentrated at 1783 and 1777, while gold is trading below the resistance levels that are concentrated at 1807 and 1820, respectively. In the meantime, gold is trading above the 50, 100 and 200 moving averages, respectively, on the four-hour time frame and the 60-minute time frame. While gold crossed the EMA50 levels on the daily time frame. We expect gold to rise until the specified resistance levels, and then we may witness some decline before resuming the rise. Please maintain capital management and enter into the buying and selling transaction according to the daily developments of gold news that we will mention on a daily basis.

The chart was generated by . platform TradingView

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