Gold Markets Rally Toward the Tuesday Gap

Gold Technical Analysis

Gold markets have been slightly positive during the trading session on Wednesday as it looks like we are trying to fill a gap that formed at the start of the Tuesday session. This could have the market looking toward the $1945 level, and at that point will have to reassess where we go from there. Ultimately, gold does look as if it is supported, and most certainly we have a lot of issues out there that could drive money towards the safety of gold, so keep that in mind.

This is a market that can be very erratic, but it does not take much imagination to see that we have formed a little bit of a “double bottom over the last 24 hours, so it is likely that we will go looking towards the $1965 level. If we can break above this most recent high, the market goes looking toward the $2000 level. The $2000 level being broken above there then opens up the possibility of a move towards the $2500 level.

On the downside, if we were to break down below the 50 Day EMA on a daily close, that could open up the possibility of a move down to the $1850 level. That is an area that I think would also see quite a bit of support, but pay attention to risk appetite, it seems to be driving gold at this moment.

Gold Price Predictions Video 31.03.22

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