Weekly Forecast #XAUUSD #SP500 & #OIL: 28–2 Dec 2022

Gold

Gold markets have initially fallen a bit during the trading week but ended up turning around to show signs of life as we have formed a hammer sitting on top of the previous downtrend line. That being said, the market looks as if it is going to be bullish, and if we can break above the top of the candlestick, it’s likely that we could see the $1800 level challenge. If we break above the $1800 level, then it’s possible that gold could go as high as $2000. On the other hand, if we turn around and break down below the bottom of the weekly candlestick, that could open up a move down to $1700.

WTI Crude Oil

The last Texas Intermediate Crude Oil market has spent the bulk of the week falling, as it looks like we are still worrying about the potential lack of demand due to economic conditions around the world. If that’s going to be the case, we could very well test the 200-Weekly EMA near the $75 level. On the other hand, if the market can turn around and take out the top of the candlestick of this previously, we could have an attempt to head back into the previous consolidation area, reaching as high as $92.50.

S&P 500

The S&P 500 had a positive week, but it’s probably worth noting that it was only 3 true days of trading, and even then, the volume was fairly light. The market finds itself at the 200-Weekly EMA, an area that does attract a certain amount of attention. We are just above the 4000 level, but I think that this is a market ultimately looking for some type of reason to go higher, so it will more likely than not find it. That being said, be cautious about the Friday session, due to the fact that the jobs number will obviously have a lot of influence on the volatility that we see next.

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