Gold Price Forecast – Gold Markets Find Support

Gold markets pulled back a bit during the trading session on Tuesday to test the $1450 level for support. So far, it has in fact found support there, but if it gives that level up it’s likely that the 200 day EMA will be next.
Christopher Lewis
Gold daily chart, November 13, 2019

Gold markets have drifted a little bit lower during the trading session on Tuesday but did find a bit of support at the $1450 level. This is an area that was previously the top of the ascending triangle that I have marked on the chart, so therefore the fact that we have bounced from here makes quite a bit of sense. Overall, this is a market that should continue to see a lot of upward pressure, and at this point it’s likely that we could see a little bit of a bounce from here. That being said, there is a lot of noise between here and there, and of course you need to pay attention to whether or not the risk appetite is either “on”, or “off.”

Gold Technical Analysis Video 13.11.19

All things being equal, the market is likely to continue to see a lot of volatility, but if we do break down below the $1450 level, it’s likely that the market within go down to the 200 day EMA closer to the $1415 level. Beyond that, the $1400 level underneath should be supportive as well, but if we were to give up $1400, it’s likely that the market could go much lower. To the upside, if we do break higher, clearing the 50 day EMA would be a sign that we are going to go higher. All things being equal, it’s very unlikely that the market is going to have an easy way one way or the other, so waiting for an impulsive candlestick is probably still going to be the best way to trade this market.

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