Gold Markets Get Clobbered

Gold markets fell rather hard during the course of the trading session on Thursday to reach down towards the support that we have seen previously. That being said, the market certainly has a lot of buyers in this area so it will be interesting to see whether or not we can hang on to this region. Ultimately, I think that the market will continue to see a lot of noise, and especially considering that the jobs number is coming out Friday it should only end up being more so. With that being said, the market will continue to see a lot of back and forth, and over the longer term it is likely that we will see choppy behavior that you need to be very cautious with.

Gold Price Predictions Video 04.02.22

Over the longer term, I think gold has to make a bigger decision and it very well could rather soon. The $1775 level being broken to the downside could open up a move down to the $1750 level rather quickly. On the other hand, if we turn around and out the $1810 level to the upside, then it is likely that we could go looking towards the $1830 level after that. It would fill the gap that the futures markets have placed, and therefore it is likely that we could see some short-term resistance. If we can break above there, I suspect that the market will go looking towards the $1850 level after that. Ultimately, I think it is a situation that continues to be tenuous at best, so be cautious.

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