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

Gold Price Predictions Video for 29.12.22

Gold Market Technical Analysis

Gold markets have pulled back a bit during the trading session on Wednesday, as we continue to see this channel play out. At this point, it looks as if the $1800 will continue to be important, but I think it is pretty honest at this point that gold continues to attract a lot of favor. At this point, if we can break above the highs we will eventually grind our way to the $1875 level, an area that has been important multiple times. Breaking above that level then opens up a much bigger move to perhaps even as high as $2000.

Keep in mind that interest rates can rise and gold can do the same at the same time, depending on the situation. The US dollar can also rise while gold does, so keep that in mind as well. I know that there are a lot of pundits out there that say it can’t, but all one has to do is pull up a chart of the 1980s to see how that’s not true.

The 50-Day EMA is getting ready to cross so I think it’s likely that we will see this market continue higher of the longer term. That’s not to say that we won’t get the occasional pull back, but I look at those pull backs as potential buying opportunities as gold looks like it’s ready to have a good year. Between now and the end of the year it’s probably going to be a fairly illiquid market so I would not be looking for major moves, but I certainly see the bullish case playing out.

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