Gold markets rallied during Thursday’s trading session to break above the crucial $1950 level, a sign of strength. Ultimately, this is a market that I think will eventually turn towards the $2000 level. This is an area that is a big, round number and psychologically significant, so it makes sense that we target it. The $2000 level will be a bit difficult, but we have already broken through it before, so I think it makes sense that we will eventually break above this level.
Gold Price Predictions Video 25.03.22
When you look at this chart, you can easily see that the 50-day EMA has offered momentum support, and now that it is rising towards the $1920 level, it is showing even more propensity to offer massive support in this domain. All things being equal, the market was very bullish for a long time, but it had gotten so far ahead of itself that it makes sense that we saw a significant drop. This significant breakdown is now starting to get out of hand, and now I think buyers will continue to see opportunities in this market.
This will be especially true in this type of environment where, frankly, the market seems to be on edge no matter what. The deteriorating risk appetite outlook will continue to push gold higher, and I will look for long positions in this market as long as we have all this fear. I just don’t see where this will go away any time soon, so I guess buying on the dips will continue to be the way to go.
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