Gold Markets Continue to Pressure to the Upside

Gold markets initially fell during the trading session on Wednesday but turned around to show signs of strength again as geopolitical concerns continue to cause major issues. Furthermore, we also have an inflationary concerns that are in the mix as well, so it does make a certain amount of sense that we would see gold rally. However, the $1920 level continues to be a massive resistance barrier, and as a result we still struggle to get above there. If we do, that could have gold being more of a “buy-and-hold” type of scenario.

Gold Price Predictions Video 24.02.22

At that point in time, is very likely the gold could go looking towards the $2000 level, which I think a lot of people are calling for at this point anyway. It does sound a bit drastic, but at this point in time it is likely that we are going to see an attempt to get there. Quite frankly, there are so many geopolitical and inflationary problems out there it would not be a huge surprise to see that happen. It would obviously take some time, but it is possible that might be where we are going.

On the other hand, if we turn around a break down below the $1880 level, we probably get a return towards the $1850 level where I would anticipate seeing buyers come back into the picture, because quite frankly there will be a lot of people that have missed out on the move itself. With that in mind, I think this is a market that continues to be noisy, but you have to look at it through the prism of buying value on dips.

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