Gold Markets Spike During the Monday Session

Gold Market Technical Analysis

Gold markets have initially spiked during the trading session on Monday to show signs of life again but have pulled back rather drastically in the middle of the session after initially breaking out. At this point, it looks like we have a lot of work to do before we can follow any straightforward track higher, but I do think that eventually, gold does find enough pressure to push to the upside.

As things stand right now, the 50 Day EMA is at the $1914 level and rising, so it does suggest that there are buyers underneath willing to take advantage of “cheap gold” if and when it appears. In other words, I think there will be plenty of buyers on pullbacks that could have a major influence on where we go next. I like the idea of buying pullbacks, and if we break above the highs of the session on Monday, that would certainly be explosively bullish, perhaps sending this market all the way to the $2000 level over the next several days or weeks.

I have no interest in shorting gold until we get down below the $1900 level, and even then, I would have to take a look at the fundamental picture before I put any real money to work. As things stand right now, gold looks as if it made a major attempt to break out of an obvious consolidation area but has failed. That does not mean that it will not try again, and quite frankly would not surprise me at all if it did, and then eventually succeeded. While the US dollar has been strong, the reality is that both gold and the dollar can rise at the same time.

Gold Price Predictions Video 12.04.22

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