Gold Markets Continue to Consolidate

Gold Market Technical Analysis

Gold markets have rallied a bit during the trading session on Thursday, as we have continued to build a bit of a basing pattern. The market has the 50 Day EMA underneath, which of course is starting to rise a bit. At this point, the market is likely to see that as a support level, right along with the $1900 level. The $1900 level has been an area that offered both support and resistance recently, so I will pay close attention to it. In fact, I believe that the support area extends down to the $1880 level, making it more or less a “zone of support.”

On the upside, the market has the $1950 level as resistance, followed by the $1970 level. If we were to break through all of that, then gold is almost certainly going to go looking to reach the $2000 level above, which has already been pierced previously. The market had been overbought and therefore I think this pullback has actually been a rather positive thing. Over the longer term, it will be interesting to see whether or not we get an opportunity to hold onto a bigger move, or if we break down below the support zone. If we were to break down below the support zone, the 200 Day EMA would be the next target, which is lining up for a potential move to the $1850 level.

The interest rate markets of course have been all over the place, and that has made quite a bit of noise in this market. However, we also have geopolitical concerns as well as inflationary concerns that continue to propel gold higher.

Gold Price Predictions Video 08.04.22

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