Gold Price Forecast – Gold Continues to Walk Along a Trendline

Gold Price Predictions Video for 26.12.22

Gold Market Technical Analysis

Gold markets have bounced just a bit during the trading session on Friday as we continue to walk along an up-trending channel and an up-trending line at the bottom of it. With this being the case, I think you’ve got a situation where we eventually go look into the $1830 level, and if we can break above there then it’s possible we go to the $1875 level. Ultimately, this market is in a channel that probably continues to hold, with the $1800 level offering a lot of support from both a structural and a psychological point of view.

Look at this chart, if we were to break down below the $1800 level, we could go look into the 200-Day EMA, which is closer to the $1771 level. The 50-Day EMA is approaching that level, so it is getting ready to fire off the so-called “golden cross,” which a lot of people like paying attention to. It is considered a longer-term bullish signal, but I don’t know how that changes anything in the meantime.

Longer-term traders may look at it as a buying opportunity, but quite frankly, this is a market that has a lot of bullish pressure underneath it, so I do think that it is probably only a matter time before we see value hunters come back in. It’s not until we break down below the moving averages on the chart that I would consider shorting this market. If we do, then it’s possible that we could see gold drop down to the $1700 level. However, I think it is more likely than not going to be a situation where eventually we will see upward momentum.

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