Gold Markets Have Choppy Friday

Gold Technical Analysis

Gold markets have gone back and forth during the course of the trading session on Friday as it looks like we are trying to find some type of footing. The candlestick is very neutral looking but at this point, it is obvious that we are still very much in an uptrend, and I think that will continue to be the main driver. If we can break above the highs of both Thursday and Friday, it is very likely that we go looking towards the $2000 level.

The $2000 level is an area that will continue to be interesting because it is obviously an area that is a psychological figure. Having said that, we have sliced through the $2000 level previously, so it is not a stretch to think that we would do so again. The market breaking above the $2000 level allows the possibility of a move to the $2050 level, and perhaps even further.

Underneath current trading, the $1920 level offers support, as does the 50 Day EMA underneath there. The market then also has the bottom of this “zone” down at the $1880 level. In other words, it is not until we break through all of that that I would start to consider shorting gold with any type of seriousness.

At this point, gold has plenty of things working out in its favor, so you should keep that in the back of your head when trading this market. Longer-term, I do believe that this market continues to find buyers as not only do we have inflationary concerns, but we have a whole host of concerns on the geopolitical spectrum.

Gold Price Predictions Video 28.03.22

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