Gold Price Forecast – Gold markets pull back again on Friday

Gold markets rallied a bit during the trading session on Friday, but then turned around to show signs of exhaustion yet again as Gold continues to sit on top of the $1500 level.
Christopher Lewis
Gold daily chart, September 16, 2019

Gold markets rallied initially during the trading session on Friday but found exhaustion yet again. The shooting star from the Thursday session is very negative, and therefore I think if we break down below that level, we could get a little bit of follow-through to the downside. The 50 day EMA will more than likely would be an area where value hunters may come back, but you can also extend the trend line from the ascending triangle that topped out at $1450 level that could continue to push this market to the upside.

Gold Price Forecast Video 16.09.19

The alternate scenario is that if we can break above the shooting star, then we could see a rush to get back into the gold market. All things been equal though, it certainly looks as if the Gold markets are calming down and they are looking for value. In fact, I do think that we continue to go a bit lower but I’m not willing to sell this market and I think it’s simply a matter of waiting for some type of support to take advantage of the longer-term uptrend. Obviously, we have gotten pretty far ahead of ourselves over the last couple of months, so it makes quite a bit of sense that we look for a lot of the “weak hands” to get flushed out of the market. All things been equal I believe that this market continues to go towards the $2000 level above longer-term, but obviously that is probably a story for next year. In the meantime be patient, wait for this pull back to get out of the way, and then be a buyer.

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