Gold Price Forecast – Gold Markets Continue To Drift

Gold markets did very little during the trading session on Monday, as the market continues to drift just below the 50 day EMA. By doing so, it looks as if the markets will continue to be very lackluster.
Christopher Lewis
Gold daily chart, October 22, 2019

Gold markets did very little during the trading session on Monday to continue going higher, as the market has shown a lot of lackluster behavior. Gold is technically still bullish but the question now is whether or not we are in a descending channel or if we are in the middle of the bullish flag. At this point, it seems to be very unlikely that the market is going to just simply take off or break down. This is a market that simply looks to be looking for some type of reason to move, something that the markets don’t seem to be offering right now.

Gold Price Forecast Video 22.10.19

Longer term, there are a lot of concerns about the central banks around the world cutting interest rates and easy monetary policy, but to say that the market looks extraordinarily bullish at this point would be a bit of a stretch. The market needs to find some type of buying pressure fairly soon or it will end up drifting down to the $1450 level. It’s not just the gold market, it seems as if the markets are simply trying to figure out what to do with itself. This makes sense, because volumes are down and it’s very likely that the overall attitude of the market will continue to be lackluster in general as there’s no reason to put a lot of money to risk in this trade environment. At this point, the market seems to be simply waiting for some type of reason to move. Longer term I do believe in gold but I also recognize that there’s no rush to start buying.

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