Gold Markets Find Buyers on Dips
Gold markets went back and forth during the trading session on Tuesday in violent swings in both directions. Quite frankly, this is a market that has been nothing but trouble over the last couple of weeks, as people are trying to figure out what it is that is going on in general when it comes to growth and risk appetite. With this being the case, the market is probably going to continue to see a lot of volatility, but it is worth noting that the gold market found buyers near the 50 day EMA that is starting to curl a little bit higher.
Gold Price Predictions Video 19.01.22
To the upside, the $1830 level looks to be resistance, and therefore think it is probably worth paying close attention to that area, because if we can break above there, especially on a daily close, it is very likely that we will continue to see gold take off to the upside and go looking towards the $1875 level. On the other hand, if we were to break down below the $1800 level, then we will test the support level at the $1785 level, which looks less likely after the action that we had seen early in New York trading as the futures market really took off.
We have seen a lot of noisy trading, but in the end, it looks like people are willing to buy anything close to being thought of as potential value in the gold market. Pay attention to the US dollar, because if it continues to sell off, that helps gold as well.
For a look at all of today’s economic events, check out our economic calendar.