Gold Price Forecast – Gold markets rally to kick off week

The Gold markets rallied quite nicely to kick off the week as the Americans and the Chinese have decided to call a cease-fire in the trade war. This has a bit of a “risk on” attitude in the markets, which of course helps the Gold markets as it hurts the US dollar.
Christopher Lewis
Gold daily chart, December 04, 2018

Gold markets broke higher during the trading session on Monday, breaking above the 50 day EMA. We have a significant amount of resistance near the $1250 level above, which of course is a large come around, psychologically significant figure. If we do break above there, then we should reenter the longer-term consolidation which could have gold going as high as $1400. We obviously need more of a “risk on” attitude out there to get people to buy more gold, but at this point I think that markets are going to try to be positive towards the end of the year. That doesn’t mean that it’s going straight up in the air, but I think at this point we will probably see buyers step in on short-term charts that show signs of support.

Gold Price Forecast Video 04.12.18

I think at this point, it’s obvious that the Gold markets will continue to be very jittery due to headlines, it of course as we get close to the end of the year liquidity may dry up a bit. At this point though, it looks as if the $1250 level is the key to clarity. If we can break that level to the upside, that would be extraordinarily strong and could send this market much higher. If we break down below the $1200 level, I think at that point we could be looking at a move down to the $1000 level based upon historical charts.

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

Top Promotions

Top Brokers