Gold Price Forecast – Gold Markets Selloff During Thursday Profit Taking

Gold Price Predictions Video for 23.12.22

Gold Market Technical Analysis

Gold markets have pulled back a bit during the trading session on Thursday, as it looks like there’s a little bit US dollar strength and profit-taking in general going on. At this point, we are threatened in the bottom of the overall channel, so it’ll be interesting to see if it holds. If we break down below the $1800 level, it’s possible that the market then goes looking to the 200-Day EMA underneath, which would be another $25 drop.

On the upside, we have the $1820 level, which is the beginning of significant resistance. That resistance being broken to the upside allows the gold market to go looking to the $1875 level. While I do think that’s very possible, it’s probably a story for 2023, as liquidity is starting to leave the marketplace. In fact, that might be part of what the move is during the day on Thursday, people taking profit before heading out for the holidays. With that being the case, it’s very likely that we have a lot of choppy and sideways movement over the next couple of days, and then of course next week is the week between Christmas and New Year’s Day, which is probably the slowest week of the year.

With that being said, I hope this market pulls back a bit so that I can find a little bit of value underneath. If I do see support after a pullback, I am more than willing to take advantage of it, but I’m hoping that happens after New Year’s Day, as the liquidity would be a bit more believable than what we would see over the next couple of days.

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