Gold Price Forecast – Gold Markets Recover Slightly on Thursday

Gold markets initially pulled back a bit during the trading session on Thursday but have turned around to show signs of life again. Looking at this chart, it looks as if the 50 day EMA above will be resistance near the $1871 level, but ultimately, I do think that we get above there. The pullback on Wednesday makes quite a bit of sense due to the technical analysis impacted the 50 day EMA, but ultimately if we break above there and I think we will come the market will go looking towards the $1900 level, perhaps to the $1950 level.

Gold Price Predictions Video 11.12.20

To the downside I believe that the 200 day EMA sits around the $1805 level, and that of course we have the recent turnaround from just below there. Ultimately, this is a market that I think will eventually go higher but obviously you will have to take your cues from the US dollar, and the general risk appetite overall. I think that the central banks around the world continue to flood the markets with liquidity should continue to be a major issue. All things being equal, I believe that this is a market that has further to go to the upside and look towards the $2100 level. That is the most recent highs and therefore I think is the target, but it will be very choppy and noisy.

If we break down below the most recent lows, that would be an extraordinarily negative situation, but I do not see that happening anytime soon, so keep that in mind. I think that this remains a “buy on the dips” type of market.

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