Gold Price Forecast – Gold Markets Press Top Of Wedge

Gold markets have rallied a bit during the trading session on Wednesday, reaching towards the $1500 level and perhaps more importantly the top of the wedge that it has been fighting. If we can break above that, it’s likely that gold will continue the uptrend.
Christopher Lewis
Gold daily chart, October 24, 2019

Gold markets have rallied a bit during the trading session on Wednesday, reaching towards the top of the overall consolidation wedge that we have been in. At this point, the market needs to break out rather soon in order to confirm the wedge, otherwise we will continue to drift sideways. The 50-day EMA continues to slice through the candlesticks, and it is essentially the middle of the market that we have been in. At this point, if we can break above the $1500 level then the market is likely to go looking towards the $1525 level, followed by the $1540 level.

Gold Prices Video 24.10.19

To the downside, if the market is to break down below the uptrend line, then the $1460 level would be targeted next. That is where we had seen the bottom of this wedge form and should be somewhat supported by volume at that level. All things being equal though, it is very likely that the market will continue to see upward pressure, because quite frankly the central banks around the world continue to cut interest rates, and of course do quantitative easing. Overall, this is a market that is more likely to go higher than lower, but we need some type of catalyst to get things moving in that direction. Markets have been very quiet as of late, not only in gold but in several other assets, so don’t be surprised at all if we simply drift for a while. Eventually we will get some type of impulsive candle, that we can start following.

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