Gold Price Forecast – Gold markets continue to drag

Gold markets initially tried to rally during the trading session on Tuesday but ran into a buzz saw of resistance at the $1225 level. This market continues to be very noisy based upon the US dollar, and of course fears of global growth. If global growth slows down, that tends to have people running towards the greenback, which in turn works against the value of the metal markets. The market does have the 50 day EMA slicing right through the candle, but now that we have broken through there, it makes sense that the markets would be a bit hesitant here, but it certainly looks as if we are trying to break over and we may have formed a “lower high.”

Gold Outlook Video 28.11.18

Below, I see a major uptrend line, and of course the $1200 level will have a certain amount of psychological importance as well. With that, I am a seller of this market and I do believe that eventually we could break down below the $1200 handle, which would break through to significantly important levels that should offer a bit of interest. If we clear through that area, then we could open up the door as low as $1000 longer term, which was a major area of importance in the past, and of course should attract a lot of attention due to the fact that it is a major figure. The alternate scenario is to buy this market but I don’t feel that we should until we break above the $1250 level.