Gold Price Forecast – Gold markets continue to consolidate

Gold markets pulled back initially during the day on Wednesday but reached higher after bouncing from the $1188 level. This is a market that continues to be sideways as we have seen over the last several days, and I think it makes sense that we continue more of the same as there is massive support just below.
Christopher Lewis
Gold daily chart, October 11, 2018

Gold markets have been sideways for several days, and it appears that the markets are simply waiting for some type of catalyst to go higher. I think that the gold market continues to grind sideways in the meantime, offer a nice range bound trading opportunities. If we can break above the $1195 level, the market should continue to go much higher. Overall, I think that the market will then go looking towards the $1200 level, and that’s an area that I would expect to be a juicy target for buyers. We need to see the US dollar calm down a bit, as it has been a bit overbought.

I think the $1185 level is crucial, and if we can break down below there, then we could go much lower. The $1180 level underneath would be the next target, and then perhaps $1175. That would only be on a move higher in the value of the US dollar, something that I think is going to be difficult as the EUR/USD pair is close to so many important support level. I think that given enough time, Gold will pick up value, so I am more bullish than bearish but I also recognize that it’s going to take a bit of momentum to finally break out of the short term consolidation. Buying dips has worked over the last couple of days, so I will continue to do that going forward.

Gold Price Video 11.10.18

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.