Gold Price Forecast – Gold markets find support at $1200

Gold markets broke down a bit during the trading session on Tuesday, slicing through the large come around, psychologically important figure. This is also an area that has seen a lot of noise, and therefore I think it’s likely that the market bounces from here. Breaking the top of the daily candle stick for the trading session on Tuesday, it is likely that we will try to reach the 50 day EMA. Ultimately, I believe that gold is trying to form a bit of a base but obviously there is going to be a lot of downward pressure as the US dollar has been so strong. At this point in time it comes down to the timeframe that you are looking at, perhaps with a longer-term outlook you would be looking to buy physical gold, but I think at levered futures need to be taken care with, and therefore I think you probably need to see a move higher on the close for Wednesday to be a bit more comfortable.

Gold Outlook Video 14.11.18

If we break down below the $1180 level, the market then probably unwinds towards the $1100 level, and then the $1000 level after that. Ultimately, I think that the market will find some buyers, and this could lead the way for silver. However, we need the US dollar to calm down or perhaps some type of major jump into a safety bid for traders in general. If we can break above the 50 EMA, then the $1250 level should be targeted.