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

Gold Price Predictions Video for 02.01.23

Gold Market Technical Analysis

Gold markets have rallied a bit during the trading session on Friday, to show signs of strength again, but also gave back some of those gains to show signs of hesitation. With that being the case, the market is likely to continue to be very noisy, as we hang around between the $1800 level underneath and the $1840 level above. You can make an argument for a channel here, you can also make an argument for a rising wedge. Because of this, the market is likely to see any pullback as a potential buying opportunity though, because we have the 50-Day EMA underneath, right along with the 200-Day EMA indicator.

It’s not till we break down below the $1750 level that I would be concerned about the gold market, because quite frankly it looks very bullish and I don’t think that changes anytime soon. The market will more likely than not continue to be very noisy, but I do think that we’ve got a situation where eventually the market takes off to the upside. If we can clear the $1840 level, then I think we can go much higher. At that point, we are looking for a move to $2000, but that of course would take a significant amount of time. I don’t think that happens overnight.

Expect a lot of choppy and noisy behavior, but given enough time I do think we get a bit of clarity. The US dollar may strengthen, which could offer a little bit of trouble, but at the end of the day I think the correlation is starting to decouple a little bit.

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