Gold Markets Continue to Threaten the Upside

Gold Market Technical Analysis

Gold markets have rallied again during the trading session on Wednesday as we continue to see a lot of upward momentum. The $1980 level is an area that it looks like we are trying to break above and go much higher. The short-term pullback should continue to be buying opportunities, as the market has been so strong for so long. Ultimately, I think the market will continue to see more of a “buy on the dips” type of attitude, and therefore it is likely that we will see plenty of buyers over the longer term.

Gold is set to look toward the $2000 level, which of course has a certain amount of psychology attached to it. However, the way we sliced through $2000 the previous times tells me that it will not be that hard to do it again. I think given enough time; we will probably go looking to reach the highs again. Gold is taking off yet again, and it is probably worth noting that we just broke out of a significant consolidation area, so I do think it is only a matter of time before we go much higher.

Dips will continue to attract a lot of attention, as it offers quite a bit of value any time we drop. The 50 Day EMA is at the $1919 level and is rising. This being said, the market is more than likely going to see plenty of people willing to pick up value along the way, so I do think that it only is a matter of time before we have plenty of momentum building up at this point and therefore I am not interested in shorting.

Gold Price Predictions Video 14.04.22

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