Gold Price Forecast – Gold Markets Pulled Back Slightly During Friday Session

The gold markets have initially pulled back a bit during the trading session on Friday but have also bounced from the lows. At this point, it looks as if gold is trying to build up a little bit of a basin decide whether or not it can continue to go higher on the longer-term charts.
Christopher Lewis
Gold daily chart, November 18, 2019

Gold markets have initially pulled back a bit during the trading session on Friday but also found buyers to turn things around and show signs of life again. All things being equal though, I think that the market will continue to fight just above the $1450 level, as it was the previous resistance barrier for the ascending triangle that I have marked on the chart. The fact that we have found buyers there is a very good sign, and as a result it’s likely that the buyers will continue to defend that area. If they don’t, then gold markets could break down rather significantly, with the first support level underneath there being the 200 day EMA which is currently trading at the $1416 level.

Gold Price Video 18.11.19

All things being equal though, I think it’s more likely that we go looking towards the 50 day EMA above as a target. That means the $1488 level, and then possibly even the $1500 level. By reaching that level, then we will test a psychologically important figure, and it will be interesting to see whether or not there is enough reason to continue going higher. A lot of what we are seeing is simple reactions to headlines, and therefore gold markets will continue to be very choppy in general. With this, I remain cautiously optimistic but recognize that we are getting close to the “do or die” moment for the gold market in general. It will certainly be very choppy, but it looks as if the buyers are trying to make some type of stand.

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