Gold Price Forecast – Gold Markets Continue to Trade in a Channel

Gold Price Predictions Video for 30.12.22

Gold Market Technical Analysis

Gold markets have rallied a bit during the trading session on Thursday, as we continue to trade the same channel back and forth. Underneath, we have the 50-Day EMA getting close to reaching the 200-Day EMA, kicking off the “golden cross. At this point, I think we will eventually see buyers committed to push this market much higher, but the short term situation could feature a little bit of a pullback. I would look at that pullback as a potential buying opportunity in a market that is extraordinarily strong.

Keep in mind that we are running out the clock between now and the end of the year, so therefore you probably shouldn’t put too much money into the market. I’d be very cautious, but if we do see some type of significant pullback, I would probably start to build another position. At this juncture, if we break above the highs of this week, we could go looking to the $1875 level, an area that previously had been rather resistant. If we can break above there, then it’s likely that the market could go looking to the $2000 level, something that I would not be surprised to see next year, but obviously we are nowhere near making that move at the moment.

If we were to break down below the couple of moving averages underneath, then that would obviously be a very negative turn of events, but that doesn’t look very likely, at least not anytime in the short term.

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