Gold Price Forecast – Gold Markets Continue to Look Higher

Gold Price Predictions Video for 15.12.23

Gold Market Technical Analysis

Gold markets have seen a bit of bullish pressure, as it now looks like we are reaching the $2050 level. This is an area that obviously would be a significant amount of resistance and a psychologically important figure, but at this point, it’s likely that we are going to continue to go even higher.

Short-term pullbacks are more likely than not going to be bought into, especially if yields continue to drift lower in the United States as the Federal Reserve looks like it’s ready to pivot. If that’s going to be the case, then it’s very likely that gold will do quite well over the next several weeks. Keep in mind that we had that massive shot higher that turned around and formed a massive candlestick, so there are a certain amount of sellers up there that people will have to break through. All things being equal, the massive candlestick that we ended up forming during the previous session shows that the market has a lot of momentum. The 50-Day EMA underneath is a major support level that we have bounced from, and of course an indicator that a lot of people pay close attention to.

Gold of course has an inverse correlation to yields, so we will have to keep an eye on the 10 year yield in the United States and perhaps other countries such as Germany. All things being equal, this is a market that I think continues to see a lot of noisy behavior, and I have no interest in shorting it despite the fact that occasionally we may get the market pulling back. In fact, it’s not until we close below the 50-Day EMA that I would be worried about the overall trend. Granted, we have a lot to work on to the upside, but it certainly looks as if the market is going to be going over the last couple of weeks for the year. Ultimately, this is a market that I think could be very bullish for the entirety of 2024, but we obviously will have the occasional volatile session as we also have to work through several other central banks.

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