4 April 2022
Gold Market Technical Analysis
Gold markets have found a bit of support near the $1920 level again, as it looks like we are going to continue the same pattern. However, it is worth noting that we have seen lower highs as of late, so it certainly looks as if we are trying to break it down. There are a lot of reasons to think that there is support underneath, not the least of which would be the 50 Day EMA sitting at the $1908 level, and of course the $1900 level itself.
All things being equal, this is a market that has been very noisy, and because of this, you will have to pay close attention to this area right now. The $1950 level is an area where I think there is a significant amount of resistance, and therefore if we break above there then we could start to build up the momentum necessary to go much higher. At that point, the $2000 level could very well be targeted, as it is a large, round, psychologically significant figure that a lot of people will be paying attention to. If that were to be the case, then we could go looking towards the $2050 level over the longer term. The markets will almost certainly pay attention to that area as it was the most recent high.
On the downside, if we were to break down below the $1900 level, I believe that the market goes looking towards the $1850 level, or perhaps even the 200 Day EMA which sits below there but is starting to rise in that general vicinity.