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

Gold Price Predictions Video for 26.01.23

Gold Market Technical Analysis

Gold markets have rallied after initially selling off during the trading session on Wednesday, as we continue to see a rush into the yellow metal. That being said, I think it probably is worth noting that we are forming a little bit of a “rising wedge” at the moment, and it’s also worth noting that the $1900 level underneath should be interesting as far as support is concerned.

Regardless, even if we were to pull back in gold, I don’t necessarily have any interest in trying to get too cute with it, because there is an obvious large amount of money coming into this market, as wealth preservation is paramount in this environment. Furthermore, I still think that gold is going to go looking to the $2000 level, which is an area that will attract a lot of headlines, but quite frankly I don’t know if it’s a big deal once we get there.

You will notice that I have a channel drawn on this chart and that’s because we should be paying close attention to the bottom of that channel as potential support. It’s also worth noting that the 50-Day EMA is racing towards that uptrend line, so it should all come together quite nicely if we do reach towards that area. There is the inverse correlation with the US dollar at times, so that could come into play in order to send this market lower, but right now it seems like central bank buying of gold has everybody excited.

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