Gold Price Analysis – Gold Holding at Support

Gold Technical Analysis

The gold market has been very choppy during early trading on Monday as we continue to defend the $4,600 level. This is an area that I think will continue to be important, as it’s been important multiple times in the past. There is a certain amount of market memory there, if you will.

The 50-day EMA sits at the $4,796 level and it has acted a little bit like a resistance barrier recently. I would anticipate that it could be your target if we do, in fact, get a bit bullish here.

Resilience and Bond Markets

I have no interest in selling gold, but I do recognize that the interest rate situation in the United States is not favorable for it. With this, I am cautiously optimistic but would keep a very small position size.

Over the longer term, I do think that eventually the uptrend continues but there’s so much noise coming from the bond markets right now with higher rates that it has worked against the resiliency of the market. That being said, the fact that we have not completely melted down in and of itself is probably somewhat of a signal.

That at least tells you that gold doesn’t want to fall and a lot of times it’s more about what a market doesn’t want to do than anything else. I think in the short term though, things remain choppy, a little uncertain, and therefore you’ll have to be very cautious with the amount of money you put into the market.

No interest in selling on my part. I do think buying would be the way to go. We just need a little bit of momentum or, perhaps more importantly, just clarity.

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