Gold Price Forecast – Gold Markets Rally From Large Round Figure

Gold Price Predictions Video for 12.04.23

Gold Market Technical Analysis

Gold markets rallied a bit during the trading session on Tuesday, as it looks like the $2000 level will continue to offer a little bit of psychology as far as support is concerned. That being said, I don’t necessarily know that the market is ready to take off to the upside, and you can make an argument that we are trying to form some type of “rising wedge.” If that’s the case, then we could drop down to the $1950 level. If that does happen, I suspect that there will be plenty of selling pressures out there to drive it to that area, but I also think there will be just as many buyers on the dip.

After all, when you look at gold, it’s more or less being thought of as wealth preservation at the moment, it’s not even necessarily going to be a “anti-dollar trade” like you typically see. That being said, both the US dollar and gold can rally at the same time, just as they both did during the 1980s. That being said, I think this is a situation where we continue to see a lot of volatility, and therefore I think you need to be very cautious with your position sizing, due to the fact that you may get shaken out of a position if you are too overleveraged.

That being said, it’s probably worth paying close attention to the 50-Day EMA which is also racing toward the $1950 level, so it all may tie together quite nicely. Nonetheless, we don’t have to break down through the rising wedge, and we may just simply go sideways more than anything else, trying to build up the necessary momentum to break out to the upside. The area between $2000 and $2100 has been important multiple times, so it should offer a significant barrier. Breaking above all that is obviously an extraordinarily bullish sign, and therefore we could see gold really start the blast off at that point. I don’t have any interest in selling gold, but I do recognize you don’t necessarily want to short this market any time soon as it is so strong.

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