Gold Price Forecast – Gold Markets Continue to Struggle at Resistance

Gold Price Predictions Video for 13.12.22

Gold Market Technical Analysis

Gold markets have fallen a bit during the trading session on Monday, as we continue to see a lot of noise just above the $1800 level. At this point, we have got a little stretch that will be interesting to see if we have to consolidate a bid. It’s also worth noting that the CPI numbers come out on Tuesday, so that obviously will influence the markets. Not to be outdone, the Wednesday session sees the Federal Reserve jump into the picture, as they have an interest rate decision.

Because of this, I think there are a lot of different things going on at the same time, and we may turn around and head back to the 200-Day EMA. I don’t necessarily expect gold to sell off drastically, just that it may be a little overdone at this point. After all, the US dollar is oversold and even though gold and the dollar can move in the same direction over time, the reality is that gold is just a bit stretched.

You should also keep in mind that as we head into the back half of the December month, it’s likely that we will see less liquidity. This almost certainly will open up the possibility of erratic movement. If we can break above the $1820 level on a daily close, then it’s possible that we could go to the $1875 level. Ultimately, I think this is a scenario where we probably need to build up a little bit of momentum, but that move higher could be something that we see at the beginning of next year.

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