Gold Markets Bounce From Support Region for the Week

Gold Weekly Technical Analysis

Gold markets have bounced significantly during the course of the week from the $1920 level, an area that begins a significant area of support. The $1880 level is the bottom of that support level, and as long as we can stay above all of that, I do believe that gold has a shot at trying to take out the double top.

Granted, it is going to take a significant amount of momentum and effort to make that happen, but the fundamental backdrop certainly does suggest that gold could continue to rally. With this in mind, I believe that the $2000 level will need to be paid close attention to, as it is a large, round, psychologically significant figure.

It is going to be difficult to play this market in the long term unless you can play with the smaller positions, but you can build as time goes on. Ultimately, this is a market that I think will be very noisy and will continue to be thrown around by political events and the bond market, but it still favors the upside as things stand currently. Regardless, it is going to take a significant amount of patience so you need to be aware of the fact that you may have to be willing to ride through a lot of volatility.

If we were to break down below the $1880 level, it is possible that we could go looking towards the 50 Week EMA. That would be a move down to the $1831 level, but it is worth noting that the indicator is curling higher, so it does suggest that there are buyers coming into the market based upon value.

Gold Price Weekly Predictions Video 28.03.22

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