Gold Price Forecast – Gold Markets Running Out of Steam?

Gold Price Predictions Video for 17.01.23

Gold Market Technical Analysis

Gold rallied initially during the trading session on Monday, but gave back gains to show signs of hesitation. At this point, it looks like we are going to continue to see a lot of bullish pressure, but we may be getting to the point where we desperately need to pull back in order to find more buyers. In this environment, it does make a certain amount of sense that we would see buyers come in to try to pick up value. After all, gold has been extraordinarily strong, and will probably continue to try to get to the $2000 level over the longer term.

Nonetheless, gold has been absolutely brutal in its uptrend, so one would think that sooner or later there will be profit taking, and of course people looking to take advantage of that profit taking. Gold is obviously in a very bullish run, so I think that given enough time we could see a significant decline, if for no other reason than to find more buyers. Markets don’t go in one direction forever so this should be a nice opportunity to take advantage of “cheap gold.”

We had recently broken out of a major downtrend, so I think that this has further to go, but I am not a big fan of chasing the market all the way up here. With this, it takes a lot of patience, but you also have to recognize that sometimes we get “paid to wait.” That was a quote by Jesse Livermore, perhaps the world’s greatest trader that ever lived. This is a perfect example of that quote in action at the moment.

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