Gold Price Predictions Video for 24.01.23
Gold Market Technical Analysis
Gold markets have gone back and forth during the course of the trading session, as we are quite drastically overdone. At this point, the market looks as if it’s probably either trying to grind away some of the excess broth, or perhaps set up a nice pullback that people will look at as value. I would not be a seller of gold anytime soon, because quite frankly this is a very strong trend. However, nothing goes straight up in the air forever, so I do think you need to look at this as a market that is a little overdone in the short term.
Ultimately, I do think that the gold market goes to the $2000 level, but we have a long way to go before we get there, so ultimately, I would like the idea of finding value at lower levels, and I do think that you will get that opportunity if you are patient enough. Quite frankly, this has been an extraordinarily parabolic run, which is not giving people an opportunity to get involved. That’s a sign that perhaps the market could fall rather rapidly, but it is times like those that traders who follow longer-term trends look for value on signs of support. I do think you get that opportunity, so be cautious, be patient, and skill into a position until it starts making you money.
If you are already long of this market and making money, then it’s time to start perhaps taking a little bit of profit, and then getting involved at lower levels to continue to ride the trend, adding and subtracting little bits and pieces of the bigger move.
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This article was originally posted on FX Empire
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Source: https://finance.yahoo.com/news/gold-price-forecast-gold-markets-152500215.html