Gold Markets Have Wild Ride During Monday Session

Gold markets have been all over the place after initially gapping higher to kick off the week as geopolitical concerns continue to outweigh almost everything else. That being said, there is a lot of concern out there when it comes to inflation, so I do think that it is very likely that we could see gold continue to attract a bit of a bid. In that scenario, I think you continue to buy dips as we are trying to break out of a major resistance barrier.

Gold Price Predictions Video 01.03.22

Keep in mind that gold is a very volatile market under the best of times, so it is obviously going to be even more so violent right now. Gold of course is a hedge for geopolitical concerns as well as inflation, and those are the two headlines that everybody has been talking about, so it does make sense that we would continue to see gold attract a lot of attention in general. As long since going to be the case, you need to be very cautious, but I think we are still looking at a “buy on the dips” type of situation going forward.

At this point, the $1880 level looks to be the “floor the market”, while there is a lot of interest at the $1920 level. That area was significant resistance previously, so we can finally clear that on a daily close, we may have an opportunity to go looking towards the top of the candlestick from last week that kicked off during the invasion. Do not get me wrong, I have no illusions that this is going to be an easy move but it looks like the one that is most likely right now.

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