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Gold Price Forecast – Gold Markets Continue to Search for Buyers Underneath

Gold Price Predictions Video for 30.01.23

Gold Market Technical Analysis

Gold markets have fallen a bit during the trading session on Friday, continuing to sell off that we had seen on Thursday. Alternatively, if we do break down below the lows of the last couple of days, it’s likely that we will drop down to the $1880 level. The market of course is very noisy at the moment, so I do think that there are plenty of people chasing momentum. That being said, the market desperately needs some type of pullback. That pullback could be an opportunity for traders to get involved, because quite frankly it’s difficult to chase all the way up at these high levels. I do think the gold eventually goes that the $2000 level, but I don’t necessarily believe that we get there right away.

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All things being equal, this is a market that could drop all the way down to the 50-Day EMA, which is near the $1850 level, in other words, we have a long way to go before you would have to worry about the overall uptrend. However, if we were to turn around and rally from here, I’m going to let this market just go ahead because quite frankly I don’t make money chasing.

If this market does start to take off to the upside, then it is more likely to lead to a better opportunity with silver, which has been consolidating for a while. Ultimately, this is a situation that you need to find some type of value, and silver might be a better option for that at this point if we suddenly go higher in precious metals. If we pull back significantly, I do prefer gold longer term.

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

This article was originally posted on FX Empire

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