Gold Price Forecast – Gold Markets Continue to Trade In Channel

Gold Price Predictions Video for 19.12.22

Gold Market Technical Analysis

Gold markets have rallied to bit during the session on Friday to reach the $1800 level again. If we can break above the top of the candlestick, then it’s likely that we will try to continue the overall upward trajectory, as we have been in a fairly well defined up trending channel. The 200-Day EMA is below the channel, and the 50-Day EMA is starting to come into the picture. Because of this, I think it’s probably only a matter time before the market has to make a bigger decision, but in the next couple of weeks it might be difficult due to the fact that there is so much in the way of holiday concentration than anything else. After all, most traders will be worried about Christmas and new year than anything else.

Ultimately, I think this is a situation where we have a lot of volatility and sideways action more than anything else. If we do break down below the 200-Day EMA, that it’s possible that we could go down to the $1745 level. Regardless, this is a market that is going to be difficult, so a lot of traders will probably just sit on the sidelines in the meantime.

If we turn around and break above the highs that we just made this past week, that would be an extraordinarily strong sign, sending gold toward the $2000 level over the longer term. That being said, it’s a bit difficult to get aggressive as we await some type of catalyst to get the markets moving again as volume will definitely be an issue.

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