Gold markets initially kicked off the trading week on the downside but turned around to show signs of life again. The 50 week EMA has offered dynamic support, but what is interesting about this weekly candlestick now is that it is closing above the $1820 level, an area that on daily charts has been an obvious barrier. Because of this, I think it is probably only a matter of time before the market is ready to continue going higher, perhaps reaching towards the $1850 level, possibly even the $1875 level after that. Looking at this chart, the reality is that buyers have started to build up pressure, and I think it is probably only a matter of time before we get significant follow-through.

Gold Price Predictions Video 03.01.22

Underneath, there is plenty of support all the way down to at least the $1775 level, and it is also worth noting that even though we have seen a lot of resiliency you every time we have dropped a bit, so I think it makes sense that we will see follow-through at this point in time. As traders put money back to work on their books to kick off the month of January, this could be one of the first places they get going. The fact that we closed above that $1820 level certainly will have caught a certain amount of attention, and therefore I think it makes more sense than not that we get a bit of follow-through almost immediately. I have no interest in shorting this market, at least not until we break down below the candlestick from three weeks ago.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *