Gold Markets Find Support

Gold Market Technical Analysis

Gold markets initially fell during the trading session on Wednesday but have found enough support underneath the turn things around and show signs of life. That being said, the market looks as if we are ready to go higher, perhaps reaching the $1970 level. If we can break above there, then the next target would be the $2000 level, where we had pulled back from rather significantly previously, and now it looks like we are trying to figure out whether or not we can continue the overall uptrend.

The 50 Day EMA has rallied significantly to break above the $1925 level and is rallying quite drastically. The $1900 level underneath is the bottom of the overall consolidation area that we had previously been in, and therefore it makes a certain amount of sense that it would be the “bottom of the trend.” If we do break above the $2000 level, then it is likely that we go looking to reach the $2050 level above, and therefore I think given enough time that is going to be the target.

However, if we were to break down below the $1900 level, then it is possible that we could go looking to the 200 Day EMA which is sitting at the $1850 level. The market should pay close attention to the 200 Day EMA because a lot of people look at it as a potential trend-defining indicator. Because of this, a lot of people will have to decide whether or not we are going to continue to go higher or if we are to break down to the $1800 level. That is a major level on longer-term charts that you need to pay close attention to.

Gold Price Predictions Video 21.04.22

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