Gold Market Technical Analysis
Gold markets have rallied during the trading session on Thursday, as we have seen more upward pressure. It’s worth noting that the market is facing a bit of resistance just above, and therefore I think we could struggle a bit in the short term. That being said, the Friday candlestick is going to include the jobs report in the United States, so I would anticipate that by the end of the day Friday, we will know whether or not gold can truly break out.
Just above, we have the 50 Day EMA offering a bit of dynamic resistance, but ultimately, I do think that gold has a real shot at going higher based on what we have seen. Whether or not it is going to be an easy breakout is a completely different question of course. The 200 Day EMA is right in the middle of the daily cluster, so therefore we need to be cognizant of the fact that this market is still trying to determine whether or not it can break out.
Pay close attention to the bond market, because if we have a significant move over there, that can have a drastic influence on what happens in this market. Underneath, the $1830 level offers support, and if we were to break it down below there it’s likely that we will retest the $1800 level, as it is a large, round, psychologically significant figure, and an area that has seen a lot of support in the past. Either way, this is a market that I don’t have any interest in shorting until we break down below that level. It certainly looks as if gold is trying to rally, but now it’s a matter of time unit.
Gold Price Predictions Video 03.06.22
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This article was originally posted on FX Empire
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