Gold Price Forecast – Gold Pulls Back From the Highs of The Day

Gold Price Predictions Video for 18.01.23

Gold Market Technical Analysis

Gold markets have initially rallied during the trading session on Tuesday but gave back gains as we were at extreme levels. Quite frankly, at this point I think we are far too overdone and therefore I think a pullback is necessary. That pullback should give us an idea as to whether or not there are buyers underneath to take advantage of value. I think that will be the case, and I’m particularly interested in buying near the $1850 level, or the $1875 level. That being said, I may or may not get my price, but I do recognize that it would be” value.”

On the upside, I think we probably get to the $2000 level sometime later this year, but I don’t think we get there overnight. Quite frankly, I have been a bit surprised at how quickly we got to where we are right now, so this would be a situation where we need to look at this through the prism of hunting for value, not necessarily chasing the trade. If you try to chase the trade up at these levels, you will almost certainly get burned. The market will continue to be bullish overall, so even if you were to tell me that we were going to start falling during the day tomorrow, I would not try to short this market.

Because of this, it may be time to simply step back and let the market do its work for you, offering you value or not. Sometimes, you just missed the trade and I may be one of those traders at the moment. This is okay, you do not have to trade gold, there are plenty of markets out there. If you are already long of this market, then clearly it will become about dragging your stop loss forward.

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