Gold weekly Forecast: From 7th March To 12th March 2022
Gold's rise is not stopping in any way. Honestly, there is no reason to stop it. Gold has not dropped that way without profit-taking reason from the technical level.
The Russia-Ukraine crisis and the economic blockade imposed on Russia by NATO countries have further boosted demand for gold, and inflation has been on the rise for the past two years due to the Covid 19.
All in all, the fundamental reasons for gold are pretty strong and favor upside the golds prices. Although the NFP report was quite good yesterday, it did not impact the market and didn't help the USD against gold and safe-haven assets.
Yesterday, during NFP's live news trading season in my group, I repeatedly said that gold would not go down no matter what the report was. And so it has been.
It is ubiquitous that if there is a significant crisis in the market, no report in the economic calendar works that way. And that's what the market is all about.
And as long as these issues exist, the XAU/USD will continue to rise with a higher high chart pattern. Gold will always rise after profit-taking with corrections from the support level every time as long as the issues exist.
This is what I have been seeing for the last 14 years. In the case of Safe Haven Assets, there is no exception that prices rise during crises, economic slowdowns, and higher inflation.
As far as I can tell, the Russia-Ukraine issue will not end soon. And if this issue continues and NATO member states impose more economic sanctions on Russia, the gold price will quickly cross the all-time high rate of $2070.
If the XAU/USD crosses $2070, we should have a second target of $2185 and finally $2300; by the end of this year, we can see the gold price.
Gold Daily Chart
Take a look at the daily chart. Although the market closed before last week with a vast bearish pin bar, the gold price did not drop. Instead, the gold market has closed near the previous swing high level in the last week with a vast and clear bullish candle.
As the market has closed with a full bullish candle in the last week, if the gold price can somehow cross this immediate swing high level of $1975, our next target is $1992. After breaking above $1992, our next target to the upside is $2010/2020. I think this will be the most common scenario in the next week.
We will see a minor correction towards $2020. Gold may come closer to $1975 with a market correction, but this will not change the trend.
And if there is a Russia-Ukraine issue that exists and worsens, we will see again that the gold price has been rising to $2050/2080 very soon.
Please like, comment, share, and join me if you like my analysis and chart.
The Russia-Ukraine crisis and the economic blockade imposed on Russia by NATO countries have further boosted demand for gold, and inflation has been on the rise for the past two years due to the Covid 19.
All in all, the fundamental reasons for gold are pretty strong and favor upside the golds prices. Although the NFP report was quite good yesterday, it did not impact the market and didn't help the USD against gold and safe-haven assets.
Yesterday, during NFP's live news trading season in my group, I repeatedly said that gold would not go down no matter what the report was. And so it has been.
It is ubiquitous that if there is a significant crisis in the market, no report in the economic calendar works that way. And that's what the market is all about.
And as long as these issues exist, the XAU/USD will continue to rise with a higher high chart pattern. Gold will always rise after profit-taking with corrections from the support level every time as long as the issues exist.
This is what I have been seeing for the last 14 years. In the case of Safe Haven Assets, there is no exception that prices rise during crises, economic slowdowns, and higher inflation.
As far as I can tell, the Russia-Ukraine issue will not end soon. And if this issue continues and NATO member states impose more economic sanctions on Russia, the gold price will quickly cross the all-time high rate of $2070.
If the XAU/USD crosses $2070, we should have a second target of $2185 and finally $2300; by the end of this year, we can see the gold price.
Gold Daily Chart
Take a look at the daily chart. Although the market closed before last week with a vast bearish pin bar, the gold price did not drop. Instead, the gold market has closed near the previous swing high level in the last week with a vast and clear bullish candle.
As the market has closed with a full bullish candle in the last week, if the gold price can somehow cross this immediate swing high level of $1975, our next target is $1992. After breaking above $1992, our next target to the upside is $2010/2020. I think this will be the most common scenario in the next week.
We will see a minor correction towards $2020. Gold may come closer to $1975 with a market correction, but this will not change the trend.
And if there is a Russia-Ukraine issue that exists and worsens, we will see again that the gold price has been rising to $2050/2080 very soon.
Please like, comment, share, and join me if you like my analysis and chart.
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