Gold Price Forecast – Gold Markets Continue to Find Buyers on Dips

Gold Price Predictions Video for 28-12-2023

Gold Markets Technical Analysis

The gold market had rallied initially during the session, and then pulled back on Wednesday to show signs of volatility. That being said, it looks like we are continuing to find more of a “buy on the dips” type of attitude, and therefore it’s likely that traders will continue to see the $2050 level underneath showing signs of support. The $2050 level continues to be a major area of interest, as we have seen a lot of resistance previously. All things being equal, this is a market that continues to see a lot of buying pressure underneath, and then eventually it looks like we could take out the $2075 level.

If we do take out the $2075 level it’s likely that the market will continue to see a lot of upward momentum. At that point, the market is likely to continue to be very noisy, and therefore I think you need to be cautious. That being said, pay close attention to the interest rate market in the United States, as falling rates will continue to help the gold rise. That being said, if we suddenly see the interest rates in America spike again, that would be toxic for gold. Either way, it certainly looks as if we have a huge battle on our hands in the month of January, and a lot of people will be paying close attention.

With that being said, the market is likely to continue to see a lot of volatility, and the fact that we are at the end of the year suggests that the market is likely to fall into the trap of having a certain amount of illiquidity, therefore I think you have to be very cautious. Either way, this is a market that has shown itself to be a one-way direction, and therefore I think it is probably only time before we see a breakout. That being said, if we were to turn around a breakdown below the $2050 level, then we could see a little bit more of a deeper correction. I think the “floor of the market” is closer to the $2000 level. The 50-Day EMA is right in that neighborhood as well.

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