Gold Price Forecast – Gold Markets Continue to Power Higher

Gold Price Predictions Video for 10.01.23

Gold Market Technical Analysis

Gold markets have rallied during the trading session on Monday, as we have continued to see a lot of bullish pressure in this market. At this juncture, it looks as if the market is trying to get to the $1900 level, but we gave back a little bit in the way of the gain. At this point, we are probably going to be looking for some type of pullback in order to find value. After all, the trend has been firmly ensconced, and of course we are seeing a lot of traders out there looking to protect wealth. Keep in mind, even though the US dollar has been falling, the reality is that the negative correlation between the US dollar and gold has broken down a bit, so I would not be too concerned about the currency markets at this point.

On dips, I suspect that the $1850 level will be an area where we would see a lot of buyers coming back into this market. If we do break down below there, then we have the $1800 level, assuming that we can even get that low. This is a very good-looking chart, and I suspect that a lot of people are looking to get involved, so I would not expect dips to be very big. In fact, I suspect we have a situation where it will be difficult to get good pricing as it seems like everybody is running as fast as they can into this market. I believe that sooner or later we could go look into the $2000 level, but that obviously would take quite some time. Buying on the dips will continue to be the way forward.

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