Gold Price Forecast – Gold Pierces the Top of Its Channel

Gold Price Predictions Video for 13.01.23

Gold Market Technical Analysis

Gold markets have rallied during trading on Thursday, breaking above the top of the channel they have been in, and the $1900 level in the process. That being said, the market has clearly rejected that area, forming a long tail. At this point, the question now is whether or not we can continue to go higher, or if a pullback is imminent? I suspect it’s probably the latter of the two, and quite frankly that’s what I’m hoping for. A pullback to the bottom of the channel might end up being a nice buying opportunity in a market that has gotten a bit ahead of itself. With that being the case, I like the idea of waiting for a short-term pullback to take advantage of.

We recently seen the “golden cross” in this market, which of course a lot of people look at as a longer-term signal. I don’t know that I get overly bullish when I see that, but I do recognize that some longer-term traders do. Because of this, you need to keep in mind that there’s a certain segment of the population out there buying just in the last week.

If we break above the top of the candlestick for the trading session on Thursday, then is very likely that we could see this market take off to the upside and go looking to the $2000 level. I think we get there eventually that way, but I just don’t like paying these high prices for gold when I know that sooner or later we will get the pullback necessary to attract more traders into the longer-term trend.

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