Gold Price Forecast – Gold markets find support after initially falling

Gold markets fell pretty hard during the trading session on Monday to kick off the week but found support at a familiar region just below it to turn around and form a hammer.
Christopher Lewis
Gold daily chart, April 16, 2019
Gold price investment trading crash arrow going down falling industry bear market concept.

Gold markets fell rather hard during the trading session on Monday to kick off the week, which of course continue the very bearish action that we have seen recently. We have made lower highs as of late, but the fact that the gold market held on at the $1285 level suggests that the buyers are quite ready to give up. That being said, this is still a relatively bearish looking insured.

Gold Price Video 16.04.19

If we were to break down below the bottom of the candle stick for the Monday session, then of course is a very negative sign that should send this market down to the $1280 level, and then eventually the $1275 level. On the other side of the equation, if we break above the $1300 level that could be very bullish, perhaps reaching towards the $1310 level, which would be the next high. If we break that then the market will have proved it’s resiliency and the buyers will start to take over yet again. In general, Gold it tends to move opposite of the US dollar, so if the US dollar strengthens that could put pressure on this market as well. Obviously, the exact opposite is true as well, so if we were to break down in the greenback, that could send the gold market higher.

At this point it’s probably a fair bet to assume that we are likely to see a lot of volatility and choppiness, so at this point it’s likely that you’re going to have to be very careful about position size, and of course placing stop losses.

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

Top Promotions

Top Brokers

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