Gold Price Forecast – Gold Markets Continue to Show Resiliency

Gold Price Predictions Video for 11.01.23

Gold Market Technical Analysis

Gold markets have rallied a bit during the trading session on Tuesday as we continue to see plenty of resiliency in this market. That being said, it’ll be interesting to see if we can keep up this momentum, as it has been rather relentless. I do think that we are more likely than not going to see some type of pullback, but we just don’t seem to be able to have the US dollar strengthened enough to make that happen. While the negative correlation has disappeared a bit, it does help if the greenback is suddenly falling as well.

Gold markets are sensitive to several different things, and they have been extraordinarily bullish for a while. Because of this, it would not surprise me at all to see this market take off without a pullback, but I don’t like “paying up” for any of my assets. After all, there’s always another trade you can pay attention to, so it is worth noting when a pullback happens in an uptrend, you are essentially buying something “on sale.” That’s what I’m hoping to do here, perhaps buying somewhere closer to the $1850 level, and most certainly closer to the $1800 level if it is possible. That being said, I have no interest in shorting this market, it has proven itself to be too resilient as of late, so therefore I just don’t see the argument for shorting gold.

I will be the first to admit that I’ve made a few ill-fated shorts along the way, but this channel proves to be far too concrete to try to fight against, and I do think that eventually we could go looking to the $2000 level. At this point, I just need to find a little bit of a pullback.

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