Gold Weekly Forecast: Bearish Trend Continues as Middle East Tensions Impact Prices

Gold Weekly Forecast

Gold Weekly Forecast: Gold prices are still under selling pressure despite weakness in the US Dollar. Rising tensions in the Middle East are offering some support to the precious metal, but buyers have not been able to take full control. From a technical point of view, Gold continues to trade with a negative outlook, and the market remains cautious about the next move.

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Gold Higher, Yen Outperforms as Risk Appetite Struggles

Yesterday’s broad dollar strength played out to drag on gold, but the recent mini range that has formed above the old $1217 pivot and below $1233 continues to play out. Within this range the market moves are simply noise, with the last six closes all being within $5 of each other.

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