Gold Price Forecast – Gold Markets Continue to Show Strength

Gold Price Predictions Video for 23.01.23

Gold Market Technical Analysis

Gold markets have initially gapped higher during the open on Friday, but then turned around to fill the gap. This is a market that has been extraordinarily strong, and I just don’t see that changing anytime soon. At this point, the only thing you can do is buy dips and try to find a little bit of value, but what is difficult is the fact that we have seen such an impulsive move to the upside and really haven’t spent a lot of time grinding back down.

Longer-term, I think we can look into the $2000 level, which is where the market had formed a massive top previously. Even though interest rates had previously risen, the gold market were very strong due to the fact that a lot of people are trying to protect their wealth. We are heading into a major recession globally, and therefore it makes quite a bit of sense that we would see traders try to hang on the things that can retain value.

We have recently broken out of an up trending channel, so that is something worth paying attention to. I think that a pullback to the bottom of that channel would be a gift that I am more than willing to jump on, because I do think that we have quite a bit further to go to the upside, but I don’t think we get there without adding more people to the market. The $1875 level should be rather supportive due to the uptrend line, and of course the fact that everybody has now seen just how strong this breakout has been over the last several months.

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