Gold Markets Test $2000

Gold markets have gapped higher to kick off the trading session on Monday to go looking towards the $2000 level. We even broke above there for a while but then pulled back as a lot of profit-taking almost certainly has happened. Because of this, I think you need to look for a little bit of a dip to take advantage of value as it occurs. Gold is very bullish, but markets cannot go straight up in the air forever.

Gold Price Predictions Video 08.03.22

The $1920 level is an important area, and it should now be somewhat supportive going forward. If we were to pull back to that area, I anticipate that a lot of people will be hunting for value in that general vicinity, so I think at this point it is an opportunity to pick up gold “on the cheap.” Ultimately, if we were to break down below that level, then it is likely that we could see a significant amount of selling pressure. We need to see enough of a pullback to get involved because you cannot chase the trade all the way up here.

Gold continues to be favored as there is a significant amount of inflationary concerns out there, which gold can help battle. Beyond that, we have a lot of geopolitical concerns which also can lift the value of gold as well, as people are starting to reach towards safety. I think you can continue to see a lot of volatility more than anything else, so you need to be very cautious about your position size. The more volatile market is, the smaller the position needs to be.

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