Gold Price Forecast – Gold Continues to Chop Back and Forth

Gold Price Predictions Video for 25.01.23

Gold Market Technical Analysis

Gold markets have initially tried to rally during the day on Tuesday but have pulled back to show a bit of hesitation. Ultimately, this is a market that I think will continue to be very noisy, as we had gotten to these areas so quickly. At this juncture, we have seen a lot of back-and-forth action over the last couple of days, and I think at this point it’s likely that we could go down to the $1900 level. The $1900 level is an area that is a large, round, psychologically significant figure, and an area where we have seen action previously.

If we were to break down below there, then it’s possible that we could go down to the $1875 level, maybe even the uptrend line from the previous channel that we had just broken out of. The market is a little overdone at this point, so I still think you are probably better off waiting for signs of pullbacks that show support. That could offer a bit of value, as the market is almost certainly going to continue to be strong over the longer term. I also believe that the markets are going to have to pay attention to the $2000 level, because that’s the longer term target from everything I see right now.

I don’t have any interest in shorting gold anytime soon, and at this point we would have to break down below the $1850 level at the very least for me to get short, even though I would anticipate a short-term pullback. I think that pullback is just simply going to end up being a buying opportunity more than anything else.

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