Gold Markets Have Wild Ride

Gold markets initially fell significantly during the trading session on Thursday as we have seen a lot of volatility and noise coming out after the CPI figures were hotter than anticipated. That being said, it looks like people are running back towards gold as an inflationary hedge, but we are also getting rather close to significant amount of resistance above. The $1850 level might be about as far as we go before running into serious trouble, and as you can see the market has been extraordinarily bullish lately, and therefore we are probably going to have to be cautious. However, if we break out things could get very interesting.

Gold Price Predictions Video 11.02.22

To the downside, I think a lot of people will be looking to pick up a little bit of value if it does in fact happen, and of course I believe that central banks will now be a major problem. When they speak, you need to be listening because they will be moving the market quite drastically. In general, I think this is a market that does at least try to go towards that $1850 level, but it does not necessarily mean we need to get there overnight.

Quite frankly, we are stretch so I think it does make a certain amount of sense that we would find a little bit of hesitation in this area. Because of this, I think a pullback is going to be a good thing as it builds up momentum to finally break out to the upside. Whether or not we can do so is a completely different situation but that is the analysis as things stand now.

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