Gold Markets Trying to Build Up Confidence
Gold markets have initially pulled back just a bit during the course of the trading session on Thursday but did find buyers to recover some of the initial losses. Ultimately, this market looks as if it is trying to break out to the upside, but it needs to regain a little bit of confidence after the massive selloff during the previous session. With that in mind, I do think that this is a situation where we will probably go higher, but most certainly at a slower pace than we got there originally.
Gold Price Predictions Video 11.03.22
Regardless, I have no interest in shorting this market it is far too strong from a longer-term standpoint and I see plenty of areas where we could find buying pressure. The $2000 level is the first area that comes to mind, but after that, we also have the $1950 level and the $1920 level that had previously been resistive. In the end, I do like gold, and I think it is got further to go but obviously the brutal selloff during the trading session on Thursday will have done a lot of structural and psychological damage to the market. Whether or not we have to pull back is an open question, but I do think that eventually, the longer-term trend comes back into the picture.
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The most bullish thing for the market right now is probably going to be simply grinding sideways. If we can do that, it would show that traders are comfortable with prices being the sign, and therefore it would take much less to convince new traders to come back in and start buying yet again. Interest rates, notwithstanding, inflation will probably pick this up.
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