Gold markets initially rallied throughout the week as we continue to see a lot of concerns when it comes to the war in Ukraine and of course numerous economic issues. However, with the emergence of hopes for a solution to Russia’s occupation of Ukraine, risk appetite increased and gold prices closed the week at $1,987 level. Experienced market analyst Christopher Lewis’s gold forecast and market comments in his own words cryptocoin.com We have prepared for our readers.
Gold forecast: Direction and level will depend on these developments
Gold markets skyrocketed at one point during the week as we saw many concerns around the world and of course people trying to figure out where they could find safety. After all, the war in Ukraine made a lot of people worry about the crisis and of course inflation and global growth. Ultimately, gold rallied to previous highs, from which it retraced rather sharply.
The ship candlestick is quite negative and this indicates that we may pull back a bit. If we break below the weekly lows, we are likely to look at the $1,920 level or even the $1,880 level. It will depend on risk appetite and whether things generally calm down.
I think the gold market has outpaced itself so it shouldn’t be a big surprise to see some pullback. Whether this decline will continue is another question entirely. Because unfortunately, it seems likely to depend on the latest headlines from Ukraine, or perhaps the Federal Reserve meeting next week.
The length of this candlestick is pretty impressive, so frankly it makes sense that this massive amount of length suggests we’re going to see a major pullback due to the fact that we’re consuming so much momentum in such a short time.
The Fed, meanwhile, is expected to kick off the tightening cycle with a 25bps rate hike when the two-day FOMC policy meeting ends on Wednesday, March 16. After the January meeting, FOMC participants largely dismissed the possibility of a 50 basis point hike in March.
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