Gold Markets Continue to Find Buyers on Dips

Gold Market Technical Analysis

Gold markets have fallen during the trading session on Thursday to reach below the $1950 level again. This is an area that seems to attract a lot of buyers, and therefore I think it is only a matter of time before we get a little bit of a bounce, but that does not necessarily mean that it is going to be easy to do so. The 50 Day EMA is currently at the $1927 level and rising. This should offer a little bit of a “floor in the market”, and therefore gives you an area to pay close attention to if we do continue to break down.

On the upside, if we can turn around and take out the $1970 level, then it would continue the overall uptrend, perhaps even opening up the possibility of threatening the $2000 level. The $2000 level is a large, round, psychologically significant figure, and an area where we have seen a lot of selling pressure previously. Because of this, I think it would make quite a bit of sense to see that area as one that is difficult but quite likely going to be broken above given enough time. Ultimately, this is a market that I think will continue to see a lot of noisy behavior, but I still believe that the longer-term uptrend is very much intact.

At this point, I think the market is one that continues to attract plenty of people to buy on dips, and I think that will continue to be the case until we break down below the $1900 level. If we were to break down below the $1900 level, then it is possible we really start to break down drastically.

Gold Price Predictions Video 22.04.22

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