Gold Price Forecast – Gold Markets Continue To Chop

Gold markets went back and forth during the trading session on Wednesday as we continue to hang around the 50 day EMA. Ultimately, we are facing a significant amount of resistance just above so it will be interesting to see whether or not we move above it.
Christopher Lewis
Gold Price Forecast - Gold Markets Continue To Chop

Gold markets went back and forth during the trading session on Wednesday, as we continue to see a lot of noise in this general vicinity. At this point it’s very likely that we will see a lot of resistance above at the down trending line. At this point, the 50 day EMA and the $1500 level also will offer a significant amount of resistance. I like the idea of fading short-term rallies that show signs of exhaustion above, as we should then go looking towards the bottom of this range. At this point, the market looks as if it is trying to rollover a bit, and quite frankly I think that there is a massive amount of support underneath. The $1450 level underneath will be massive support based upon the fact that it is the top of the ascending triangle from previous trading.

Gold Prices Video 19.12.19

Ultimately, if the market were to get some type of headline coming out of the trade situation it could get a move. Ultimately, I think that the market will simply continue to see a lot of noise in this general vicinity, and therefore I think we are probably going to fade into New Year’s Day. Having said that, if we could break above the $1500 level, it’s likely that the market would then go looking towards the $1550 level. All things being equal, we are still essentially in an uptrend, but we are very close to pressing that issue. If we were to break down below the 200 day EMA, the markets will come unraveled.

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