Gold Price Forecast – Gold Markets Get Hammered

Gold markets got hammered during the trading session early on Tuesday, as we broke below the $1500 level again. However, there is significant support below based upon a couple of different things so this could end up being a nice buying opportunity.
Christopher Lewis
Gold daily chart, November 06, 2019

Gold markets have broken down significantly during the trading session in early hours on Tuesday, as we should continue to see a lot of interest in the yellow metal due to central bank monetary policy, geopolitical concerns, and quite frankly a simple malaise when it comes to the currency markets. Ultimately, the $1500 level being broken to the downside doesn’t mean as much as it once did, as this is more or less a “zone” that traders will be paying attention to. In fact, the support extends down to at least the $1480 level, and therefore it’s likely that the range of support will eventually assert its dominance.

Gold Outlook Video 06.11.19

On a bounce, I suspect the market probably goes back to the $1515 level again, as we trying to determine which direction we wish to go going forward. All things being equal, we are in an uptrend and even with the massive selloff during the early hours on Tuesday, it’s likely that we will eventually take off to the upside. Once we do, it’s very likely that the market will more than likely go looking towards the $1540 level and then eventually the $1560 level. I like buying dips but recognize that dealing with a significant amount of volatility is probably what we will have to do. With that, I like the idea of buying little bits and pieces and simply adding to my position. At this point, it’s very likely that the market finds a reason to go higher, be it from headlines or just the technical analysis.

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