Gold Markets Threaten to Break Out

Gold Market Technical Analysis

Gold markets rallied during the trading session on Friday to threaten the $1950 level. This is an area that has been important more than once, so this is where I start to pay close attention. If we can break above the $1950 level, it is likely that the gold market will go looking to break above the $1970 level. This has been a very bullish move over the last couple of days, and therefore it does suggest that we are doing everything we can to break higher.

A pullback from here could go looking towards the $1925 level for support, right along with the 50 Day EMA. This is an indicator that a lot of people pay close attention to, so one would have to assume that there will be a certain amount of buying pressure in that area. After that, we have the $1900 level offering a potential support level as well, so traders will have to pay close attention to it, thereby suggesting that the level will continue to play a major part in what happens next.

The market had been in a major uptrend for quite some time, and now it looks as if we are trying to consolidate sideways in order to figure out where to go next. Ultimately, this market will have to make a decision, and as things stand right now it looks as if the market is simply grinding sideways in order to build up enough momentum to move in one direction or the other. It certainly looks as if the buyers are going to be more aggressive than the sellers, and therefore we could get an opportunity sooner or later.

Gold Price Predictions Video 11.04.22

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