Gold Price Forecast – Gold Markets Break 200 Day EMAGold markets have broken down on Friday and what would have been thin volume, but it is worth noting that we are below the 200 day EMA, a negative sign.
Gold markets have broken down significantly during the trading session on Friday, as we have sliced through the 200 day EMA. At this point, the market looks as if it does want to try to rally a bit, and it may be worth paying attention to if we can break above the top of the candlestick for Friday. If we do, that would be a complete repudiation of the attempt to break down and it is likely that we could go higher. On the other hand, if we were to break down below the bottom of the candlestick for the trading session on Friday, that would be very negative and perhaps in this market looking towards the $1750 level.
Gold Price Predictions Video 30.11.20
Underneath there, the next support level would be the large, round, psychologically significant figure of $1700, and so on. I do believe that gold has a longer-term uptrend just waiting to happen again, due to the central bank liquidity measures but right now it is obvious that the “risk on rally” has people jumping out of the safety trade when it comes to gold. Sooner or later, if the US dollar breaks down then we could see gold turnaround, but we are on the precipice of making a bigger decision. I think we do see a lot of noise at this point, so I am not looking to jump in and start shorting, but it would take notice of the broke above the highs of the day. Pay close attention to the US Dollar Index, it could give you a bit of a heads up.
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