Gold Markets Forming a Basing Pattern

Gold markets have rallied a bit during the trading session on Wednesday as the $1920 level has offered a significant amount of support. At this point, the market is likely to see a lot of pushing to the upside, mainly due to the fact that the $1920 level begins a major support area that extends all the way down to the $1880 level. At this point, I think the market is more likely than not going to continue to see a lot of noise in this area, and perhaps we are trying to build up enough of a base to continue the longer-term uptrend. If that is going to be the case, a break above the $1950 would confirm it.

Gold Price Predictions Video 24.03.22

If we were to break down below the $1880 level, then it is possible that we could see this market break down, and at that point in time, I think that gold falls apart and the trend is over. That being said, there are a lot of reasons to think that gold will continue to do fairly well though, so with this being the case I think it is probably only a matter of time before the buyers step back in.

In fact, a break above the $1950 level has me looking towards the $2000 level, and then the recent highs after that. All things being equal, this is a market that should continue to see a lot of interest and demand, with all of the important fundamental reasons going on in the global markets right now.

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