Gold Price Forecast – Gold Markets Pullback To Find Buyers

Gold markets initially fell during the trading session on Wednesday, reaching down towards the $1450 level. This is an area that has offered support recently, and the trading session on Wednesday was no different. We ended up forming a somewhat bullish looking candle, and it should be noted that we are about halfway between the 50 day EMA and the 200 day EMA indications.

Gold Price Forecast Video 28.11.19

The $1450 level was previous resistance for the ascending triangle so many months ago, and now “market memory” could come into play. If that’s going to be the case, then we should bounce from here but if we don’t, this could be the sign of something rather ugly about that happen. The 200 day EMA at the $1420 level absolutely must hold in order for gold to continue the overall uptrend. That being said, pay attention to geopolitical situations and of course the noise dealing with the US/China trade situation. All things being equal, the market probably then goes looking towards the $1500 level. This isn’t to say that is going to be easy, but it is the most technically viable target, with perhaps a bit of an odd to the 50 day EMA on the way out.

If we do break down below the 200 day EMA, it’s likely that the market will then go to the $1400 level, and then possibly even the $1350 level after that. At this juncture, gold is essentially an a “now or never” type of area, so the next couple of trading sessions could give us a bit of a heads up as to where we go next. That being said, the volume probably won’t be normal until Monday due to the Thanksgiving holiday.

Please let us know what you think in the comments below