Monoprice HDMI Specs for 120hz Gaming

Solution
HDMI only supports 60Hz, if you want 75-120 Hz or higher than you will need a DVI-I or DVI-D cable or displayport cable. HDMI supports 30 Hz on 4K and 60Hz on 1080p and no higher.
The biggest obstacle with HDMI and 120hz, is finding a video card and monitor that support HDMI 2.0. There are no GPU's that support it, and very few TV's that support it. I have yet to hear of a monitor that does. You'd also need a high speed HDMI cable, but that is kind of moot when no GPU supports it.

HDMI 1.4, 1.4a, and 1.4b does not support 120hz, but people think it does due to a misunderstanding. They assume because 1.4a and 1.4b supports 3D at 60hz (per eye, 120hz total) that it can do so in 2D, but they are wrong. HDMI cannot receive a signal at 120hz, it uses a trick to do it in 3D by sending 2 images in one transmission. This is known as frame packing, and only applies to 3D.