Gold markets have gapped higher to kick off the Friday trading session, and then broke high enough to finally clear the $1820 level. Gold has been threatening a breakout for a while, but this time a year is a little bit erratic to say the least, so it is difficult to get overly excited. The last time that the gold market approach the $1820 level just a few sessions ago, it was absolutely pummeled for attempting it. However, on Friday there was a little bit more wherewithal, and it now looks as if the market is going to do what it can to sustain the rally and perhaps go looking towards the next major resistance barrier in the form of $1850. This does not necessarily mean that has to get there overnight, but the reality is that it will more than likely find a way to reach that level.
Gold Price Predictions Video 03.01.22
To the downside, the $1800 level has become increasingly important, especially now that the moving averages are sitting at that same general vicinity. Short-term dips will more than likely end up being buying opportunities that people can take advantage of. The gold markets of course do have a lot of external factors to worry about, not the least of which would be whether or not interest rates are going to be positive in real terms. Beyond that, you also need to pay a little bit of attention to the US dollar, so that could come into play as well. Either way, it looks like we are finally building up enough momentum to try to go higher at this point and therefore gold being finally found its day.
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This article was originally posted on FX Empire
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