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Gold Price Forecast – Gold Markets Continue to Power Higher

By:
Christopher Lewis
Published: Jan 19, 2023, 15:32 UTC

Gold markets have rallied a bit during the trading session on Thursday as we continue to see a major push to try to send gold towards the $2000 level.

Gold, FX Empire

In this article:

Gold Price Predictions Video for 20.01.23

Gold Market Technical Analysis

Gold markets have rallied again during the trading session on Thursday as we continue to look at the market racing towards the $2000 level as more likely than not. The $1900 level is offering a little bit of support in the short term, so I think short-term pullbacks probably get bought into. Again, I would love to see some type of significant pullback that I can sink my teeth into, picking up a little bit of value. However, the market unfortunately has not been that kind and therefore I think we need to keep in mind that the situation we are in is one that is getting a little overdone, so when we do finally get that correction, it will be brutal and therefore you need to take a deep breath, step back, and find “cheap gold.”

If you are already long of this market, you have caught a great move and therefore you probably don’t have too much to do, rather than perhaps lifting your stop loss as to protect potential gain. All things being equal, I don’t see how this market breaks back down, but you never know what will happen next. I think the $2000 level will be a difficult area to overcome, so it will take a significant amount of effort to make that breakout happen. We are a bit stretched, so by going sideways just above the $1900 level, you may be able to work off enough froth to continue the upward movement. However, we would need to see an extended run sideways for me to believe that. Looking for dips remains all I can hope for.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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