Gold Markets Test $1900

Gold Market Technical Analysis

Gold markets have bounced ever so slightly from the crucial $1900 level, an area that I think will continue to be important. In fact, this is a large, round, psychologically significant figure, and therefore I think a lot of people will be paying close attention to it. With that being said, I think we have a situation where the market is going to continue to see a lot of interest in this area, as it extends down to the $1880 level as a zone of support.

The 50 Day EMA is currently at the $1925 level and could be a bit of a potential resistance barrier. If we break above there, then the market is more likely than not ready to go looking to the $1970 level, which is the top of the overall consolidation range that we had been in previously. That being said, the market is more likely than not going to continue seeing a lot of noisy behavior, and therefore you will need to be cautious with your position size. After all, this is a major support level and if it were to give way, that could send gold much lower. In that scenario, gold will more than likely fall to reach the 200 Day EMA, which is currently at the $1887 level.

Looking at this chart, I think we are on the precipice of either continuing what we have seen for some time or perhaps some type of major move to the downside. All things being equal, this is a market that I think it is ready to make a tradable move, so pay close attention to what is going on.

Gold Price Predictions Video 27.04.22

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