Gold Price Forecast – Gold markets continue to struggle with major figure

Gold markets went back and forth during the trading session on Wednesday as we continue to see the $1300 level as significant resistance. Beyond that, there is a major trendline we are fighting.
Christopher Lewis
Gold daily chart, May 16, 2019

Gold markets have been a bit of a mess as of late, as we seen a very bullish move after a long slow grind lower. That being said, the downtrend line is still very much in effect, and as a result it looks as if the market is probably going to continue to drift lower based upon this technical set up. However, that’s not to say that we can’t break out. With that, let’s take a look at the potential alternate scenario, which of course is a breakout. If that’s going to be the case, it’s likely that we are probably going to go looking towards the $1315 level. After that, the $1325 level is very likely.

Gold Price Forecast Video 16.05.19

The alternate scenario, and what I believe is probably the more likely one, is that we break down below the lows of the trading session on Wednesday and continue to drift down towards the $1280 level. A break of that level could send this market down towards the $1275 level. At this point, the market could really start to break down if we go below there. That isn’t what I expect in the short term, but clearly we have a lot of information around this area they can throw the market both directions. However, the one thing that cannot be argued is that we have been gradually drifting lower over the last several months, and even though we’ve had a couple of really strong days lately, the bigger picture suggests that nothing has truly changed quite yet.

Please let us know what you think in the comments below

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
IMPORTANT DISCLAIMERS
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.
RISK DISCLAIMER
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.
FOLLOW US