Gold Markets Continue to March Higher

Gold markets have rallied significantly during the trading session on Friday to reach above the $1950 level quite easily. At this point, the market looks as if it is trying to reach towards the top of that massive shooting star candlestick from last week, and eventually break above there to go looking towards the $2000 level. The $2000 level is of course a large, round, psychologically significant figure, and therefore you need to pay close attention to the fact that we may see a little bit of selling pressure there.

Gold Price Predictions Video 07.03.22

On the downside, the $1920 level could be an area where buyers come back in because it was the major region that we had just broken out of. Dips will continue to be buying opportunities for most traders, as the trend is so obvious at this point. In fact, it is not until we break down below the $1880 level that I would be concerned about the overall uptrend.

The market is a little bit parabolic, but quite frankly we have so much in the way of fear out there that it does make a certain amount of sense. Furthermore, the weekend is coming, and people will want some type of protection as we could get negative headlines that cause the markets to freak out yet again. As things stand right now, simply waiting for a little bit of value is probably the best way going forward. Ultimately, there is so much noise underneath that I think it is going to be difficult to break down significantly.

For a look at all of today’s economic events, check out our economic calendar.