Gold Price Forecast – Gold Markets Pulled Back Slightly

Gold markets pulled back slightly during the trading session on Thursday, showing signs of continued digest and of the longer-term gains. At this point, it looks as if the gold market is trying to build some type of base.
Christopher Lewis
Gold daily chart, November 22, 2019

Gold markets pulled back slightly during the trading session on Thursday, as we continue to see a lot of noise just above the crucial $1450 level. That’s an area that had previously shown signs of resistance, and now “market memory” could come into play, offering plenty of buying pressure. After all, the market has already bounce from there and did so forming a hammer about a week and ½ ago. Beyond that, we have pulled back a bit a couple of times and in general has formed a couple of hammers as well. That being said, it’s very likely that the market will continue to find buyers underneath. However, it doesn’t necessarily mean that we are going to shoot straight up in the air.

Gold Technical Analysis Video 22.11.19

Looking at the short term analysis, the 50 day EMA is closer to the $1486 level that could cause some issues, and if we can break above there it’s likely that the market will go looking towards the psychologically and structurally important $1500 level. Clearing that level is a very good sign and should have traders coming into the fold and taken advantage of potential momentum at that point in time. By then, it should be relatively obvious that the buyers are taking control again, and quite frankly with the US/China trade situation all over the place as it has been, it wouldn’t take much to have people scared into buying gold yet again. As far as selling is concerned, I have no interest in doing so until we break down below the 200 day EMA which is further below.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US