Gold Continues to Find Buyers

Gold markets continue to be positive overall, as every time we get a little bit of a dip, traders seem to be willing to buy it. Yes, gold tends to be very volatile and quite frankly it is a miserable place to trade, but when it does decide to finally settle on some type of trend, momentum seems to be the word of the day. Because of this, I think that we will continue to go higher but it may be a bit of a fight. There is a gap above at the $1830 level that I think should be paid close attention to, as it looks like we are going to try to fill it.

Gold Price Predictions Video 09.02.22

This does not necessarily mean that we are going to go straight up in the air, but I do think that the occasional pullback should be thought of as a buying opportunity and what is been a very strong move. The first close of course were last week when we saw a couple of hammers form in a row. Quite frankly, the way the market recovered on Friday was a great sign that we were probably going to see a significant move given enough time.

If we do break down from here, I suspect it will probably be short term and that the 50 day EMA comes into the picture as support. On the other hand, if we can break above that gap at $1830, the market is very likely to go looking towards the $1850 level, something that looks increasingly possible at this point.

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