Gold Price Forecast – Gold Markets Continue to Consolidate After Big Push Higher

Gold Price Predictions Video for 19.01.23

Gold Market Technical Analysis

Gold markets have pulled back initially during the trading session on Wednesday, but then turned right back around to show the resiliency yet again. We are consolidating over the last several days, which makes sense considering just how aggressive we had been to the upside. Ultimately, I think this is a situation where you have to look at it through the prism of a longer-term uptrend that desperately needs a pullback. We actually used the top of the channel we had been in previously as support, so I suppose you could make an argument for that being technically sound, but I’m not a huge fan of chasing trades.

Gold is all about waiting for some type of significant selloff. There will be one, because markets don’t go straight up in the air forever. However, we do spend a significant amount of time going sideways, that may work as well, and therefore I think a lot of people would be paying close attention. With that being the case, it’s probably worth noting that the volatility continues to be very high around the world, so the gold markets may continue to attract a lot of wealth preservation and safety trades as well.

I would love to see this pullback occur and send the market down toward the $1850 level, but at this point it seems like gold is being stubbornly bullish. Either way, there’s no way you can short this market with this type of behavior going on. Ultimately, I think the gold market does get to the $2000 level, but it may take quite some time to get there.

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