Gold Price Forecast – Gold Markets Rally to The Top of The Channel

Gold Price Predictions Video for 05.01.23

Gold Market Technical Analysis

Gold markets have rallied significantly during the trading session on Wednesday, as we have broken above the $1860 level. At this point in time, the market has been grinding higher over the last several weeks, as we have been in a channel. The market will more likely than not continue to show a lot of upward momentum, but we need to see short-term pullbacks in order to buy gold. I would not chase it, but I do think that this trend is firmly ensconced in the market. The market then could drop all the way down to the $1820 level, which is the bottom of the overall channel.

All things being equal, I think that the gold market probably breaks out and goes looking to the $2000 level this year, but I think that you need to pick your spots to get involved. I don’t like the idea of chasing gold, because quite frankly that’s going to be a great way to lose money. However, I would also point out that longer-term traders are now watching the 50-Day EMA break above the 200-Day EMA, which is known as the “golden cross.” In fact, it’s not until we break down below this moving averages that I would think that the trend is broken, as the breakout has been so drastic. It looks to me as if the market will continue to be strong though, so I’m looking at this as a year that could be potentially good for precious metals, and of course gold is the first place where people go running to when it comes to precious metals.

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