Gold Price Forecast – Gold Markets Continue to Grind In a Channel

Gold Price Predictions Video for 28.12.22

Gold Market Technical Analysis

Gold markets have rallied a bit during the trading session on Tuesday, breaking back above the $1800 level. By doing so, it looks as if the market is trying to figure out whether or not it is going to continue the gentle upward trend, or negative, and would have people getting short. I think that it’s more likely than not the gold markets will continue to strengthen a bit, especially with the 200-Day EMA sitting below and the 50-Day EMA getting ready to cross above their offering of a “golden cross.”

This is a situation where you have a significant amount of interest, and I do think that gold is probably going to be used to protect wealth going forward as we are almost certainly going into a slowing economy. While interest rates are still high, a lot of people will bet that the gold markets go down, but you can see that this correlation has almost certainly been destroyed. That’s not unheard of, the entire 1980s decade saw both gold and the US dollar rise of the same time.

If we were to break down below the moving averages underneath, then it’s likely that the market could go down to the $1720 level, possibly down to the $1700 level. Anything below there could be construed as a major breakdown, but I don’t think that’s more likely than not going to be the case. In fact, I anticipate that the gold market is trying to get back to the $1875 level. Above there, then it opens up the possibility of a move to the $2000 level after that.

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