Gold Price Forecast – Gold Markets Quiet Yet Again

Gold markets did very little during the trading session on Thursday, as we continue to hang about the 50 day EMA. The 50 day EMA of course is crucial for the overall attitude of the market, but at this point it’s obvious that we simply have nowhere to be as market participants are more worried about Christmas and New Year’s Day than anything else. That being said, if we do get some type of headline coming out of the US/China trade situation, this could change everything. That being said though, it’s going to take something extraordinary to make this market move in this time of year.

Gold Technical Analysis Video 20.12.19

Friday itself might be slightly different as it is and options expiration date, but overall this is a market that continues to see a serious lack of interest, and therefore I think that you are more than likely going to continue to see sideways action but perhaps more of a drift lower due to the downtrend line just above. The $1500 level above would have to be broken to the upside in order for gold to suddenly become bullish, just as the $1450 level underneath is massive support. If we were to break down below there, then we could really start to drop but overall it seems very unlikely that the markets are going to be difficult to get excited. With this, I remain very neutral in this market, but recognize that the next impulsive candlestick could be a major signal as to where we go next.

Please let us know what you think in the comments below