Gold Price Forecast – Gold Markets Continue to Find Buyers

Gold Price Predictions Video for 20.12.23

Gold Market Technical Analysis

Gold markets have pulled back just a bit during the trading session on Tuesday but showing resiliency yet again, as we have seen a lot of the market participants coming in to pick up “cheap gold” going forward. All things being equal, we are heading into the holidays, which will wipe out quite a bit of liquidity, and could make the market quite noisy.

Underneath, there is plenty of support near the $2000 level, but the $2000 level has also been broken below once or twice, and that could open up the possibility of a move down to the 50-Day EMA. The 50-Day EMA of course is an indicator that a lot of people have been paying close attention to, and it has offered quite a bit of dynamic support. That being said, the market is likely to continue to see a lot of noisy behavior this time of year as traders are trying to square up positions for the new year.

Overall, this is a market that I think it will eventually try to go to the $2050 level, and then after that the $2075 level, which is an area where we have seen a lot of action in the past, then of course we have that huge wick that kicked off the month above there. If we were to test that area, liquidity could be an issue yet again, and I do think that eventually we will see that happen. In general, this is a market that continues to favor the upside, due to the fact that the interest rates in the United States continue to drop, and of course we also have to think about the idea of geopolitics coming into the market, as there seems to be even more escalation to tension, and that has the gold market looking bullish.

All things being equal, you will more likely than not continue to find buyers willing to jump in and take advantage of “cheap gold” as we continue to see central banks around the world adjust their monetary policy. With that in mind, I like the idea of being long of the market, but I also recognize that the volatility will probably get worse in the next week or 2.

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