Gold Price Forecast – Gold Markets Breakthrough Resistance

Gold Price Predictions Video for 14.12.22

Gold Market Technical Analysis

Gold markets have rallied again during the trading session on Tuesday, breaking above the $1820 level. This is a crucial level in the futures market that has been important multiple times, so it does make a certain amount of sense that we would see a bit of a snap higher at this point in time. Ultimately, if we can continue to see this momentum, it’s likely that we will see gold go looking to the $1875 level. At this point, the market is likely to continue to pay close attention to inflation, or the lack of. Keep in mind that the Federal Reserve has a meeting on Wednesday, so people will be paying close attention to what Jerome Powell has to say.

Ultimately, I think this is a continuation of the overall bullish run that we have seen, and if we get the US dollar slipping, that will only add more pressure to the upside for gold. Keep in mind that short-term pullbacks are possible, but we have been trending higher for a while so I think it’s probably the market that might get a little bit of a slap back due to the words coming out of the press conference after the Federal Reserve makes its decision. However, it does look like we’ve already decided, so higher is more likely going to be the course of action.

What I’m actually hoping to see is some type of pullback late in the day on Wednesday to offer a buying opportunity. Whether or not we get that will be a completely different question, but it does appear that gold is eventually going to try to get to the $1875 level.

For a look at all of today’s economic events, check out our economic calendar.