Gold Price Forecast – Gold markets fall again on Monday

Gold markets fall to kick off the week, reaching down towards the $1200 level. That being the case, it looks as if the market will probably continue to struggle a bit, but I do see quite a bit of support just below, extending down to the $1185 handle.
Christopher Lewis
Gold Midday daily chart, November 13, 2018

Gold markets fell during trading on Monday, reaching down towards the vital $1200 level. Ultimately, I think this is an area that has a lot of support involved in it and extending down to the $1185 level. It’s not until we break down below that level that I would become convinced to start shorting this market, but we do have US dollar strength that will continue to work against Gold in general. If we continue to see that US dollar strength, then it is likely that Gold will struggle.

Gold Analysis Video 13.11.18

If we break down below the recent lows, then I think the market will reach down to the $1100 level, perhaps even down to the $1000 level. At this point, we need to see a supportive candle to take a chance on gold, but we have recently had a major amount of bullish pressure here recently, so a turnaround certainly is possible. I would be very cautious about buying gold though, and would be very small in my trading positions, because gold is very erratic these days. Silver markets have already started to make a significant move to the downside, so that could drag gold right down with it.

The $1250 level above is resistance, so if we could somehow bounce from here to reach above that level, then the market would probably go much higher. If it does, then it becomes more of a “buy-and-hold” scenario as value investors will take over.

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