Gold Markets Reached the 2000 Level

Gold Market Technical Analysis

Gold markets have been rather bullish early during the trading session on Monday, but the $2000 level has offered a significant amount of resistance. It of course is a large, round, psychologically significant figure, and the reaction is not a huge surprise. That being said, the market has sliced through it rather easily previously, so I think it probably is only a matter of time before we do the same.

The $1920 level is an area that is heavily supported due to the 50 Day EMA rallying through it. Ultimately, I would also take a look at the $1970 level as potential support, so therefore the entire area between those two levels will be of great interest. We are in an uptrend, and therefore I still believe that it is easier to buy these dips as there should be plenty of traders out there willing to jump in and take advantage of the overall attitude of the market.

Another thing to pay attention to is that the Tuesday session will feature a lot of Asian and European trading that was not part of the market on Monday. With that being said, more liquidity could bring in more buyers, and we look at the chart, it is easy to see that we have recently broken through a “W pattern”, and therefore the “measured move” is what we should be paying attention to. That suggests that we are going to go to the $2030 level at the very least. I have no interest in shorting this market, at least not until we break below the $1900 level, something that would be a major turnaround.

Gold Price Predictions Video 19.04.22

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