Gold Price Forecast – Gold markets rally on Thursday

Gold markets have rallied slightly during the trading session on Thursday, as we continue to bounce around the 50 day EMA. However, I see a significant amount of resistance above at the $1250 level, an area that I think will continue to be massive resistance. However, if we break above that level it’s very good sign for gold, as the market will probably go looking towards the $1400 level next. For quite some time, we have been bouncing around between the $1200 level in the $1400 level so this would simply be a return to the consolidation that we have seen for a long time. Beyond that, I do have an uptrend line underneath that could continue to lift this market as well.

Price of Gold Video 30.11.18

However, if we were to break down below the uptrend line and the $1200 level that I think a break down below that level could very well send this market much lower, down to the $1000 level as based upon monthly charts. That was an area that had seen a lot of volatility and motion previously, so it would not be a huge surprise to see that level tested again and of course attract a lot of attention. I do believe that eventually Gold will be very bullish but I also recognize that the easiest way to trade gold is to simply buying physical gold so you don’t have to worry about the leverage if you want to buy it. Keep your position size small and perhaps you CFD markets is that futures as the volatility could pick up.