Gold Price Forecast – Gold Markets Pullback To Kick Off The Week

Gold markets fell during the trading session on Monday to reach down towards the 50 day EMA. The market continues to grind back and forth, showing signs of consolidation. However, the upward momentum in this market should not be ignored.
Christopher Lewis
Gold daily chart, October 29, 2019

Gold markets fell to kick off the week on Monday, reaching down below the $1500 level. The market is testing the 50 day EMA which of course will cause a certain amount of reaction as well. The 50 day EMA is starting to flatten out so it suggests that the market is going to continue to consolidate. I suspect that it’s only a matter of time before the market takes out to the outside though, considering that the Federal Reserve has a statement on Wednesday. The $1475 level underneath should be supported, and any type of bounce or support of candle in that area should be a buying opportunity.

Gold Price Video 29.10.19

If the market does bounce from there, the shooting star from the Friday session should be a remarkable trigger as well. If we break above that level, then the market is ready to go higher, perhaps sending towards the $1540 level, and that eventually the $1560 level. Looking at this chart, you can make an argument for a flag as well so at this point in time it should continue to attract buyers. Quite frankly, with the central banks around the world looking to cut interest rates in liquefied markets it should continue to help the value of precious metals overall.

The $1450 level underneath should be supportive, as it was the top of an ascending triangle. Beyond that, then we have the 200 day EMA underneath at the $1400 level. At this point, the market is one that I buy and not sell, so when we fall I look for value.

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