Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Christopher Lewis
Gold daily chart, November 07, 2019

Gold markets have rallied slightly during the trading session on Wednesday, as we continue to see a lot of volatility around the world. At this point, the central banks look likely to keep their monetary policy rather loose, and that should help gold. Beyond that, we also have a lot of concerns geopolitically, so that of course could put a bit of a boost in the gold market as well. Quite frankly, it seems as if we are one bad headline away from seeing gold spike again. Ultimately, this is a market that seems to have a lot of support at the $1475 level, and then again at the $1450 level, which had been the top of a massive ascending triangle.

Gold Price Video 07.11.19

All things being equal, gold market should continue to go higher based upon macro events and tailwinds, not the least of which would be central banks purchasing gold. I like the idea of buying small bits and pieces and trading back and forth until we can break the highs from the previous week, when I would anticipate the market going towards the $1540 level, followed by the $1560 level, which were the last couple of highs.

Know where Gold is headed? Take advantage now with 

75% of retail CFD investors lose money

If we were to break down below the $1450 level, then we will start to threaten the 200 day EMA which would be crucial. A breakdown below that level would be massive, and probably open up the trapdoor for more selling. At this point though, it looks very much like the buyers are willing to step in and try to support this market, despite the ugly candlestick from the Tuesday session.

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

Trade With A Regulated Broker

  • Your capital is at risk
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.