FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
21,100,485Confirmed
758,001Deaths
13,948,929Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
Gold daily chart, November 20, 2019

Gold markets went back and forth during the trading session on Tuesday, as we continue to show a lot of volatility and sideways action. I think at this point we are trying to determine whether or not the $1450 level will in fact offer enough support to keep the market afloat, and if it does is very likely that the market will go looking towards the 50 day EMA above as a potential target, and then something to break through. If it does, then the $1500 level comes in the focus which of course is a large, round, psychologically significant figure. At this point, I suspect that the market will continue to offer plenty of buying opportunities on dips, as we have clearly seen a lot of support come into play.

Gold Price Predictions Video 20.11.19

This doesn’t mean that it will be easy to go higher, just that there are a lot of potential headwinds out there to the economy and geopolitical forces that could send gold much higher based upon the fear trade or just simple central bank easing. At this point, it looks as if gold has found a bit about bottom for the short term, and that we should see buyers continue to step in on dips. If and when they do, I’ll be there to pick up value in small bits and pieces as I think building a core position is probably the best way to go, and certainly likely to be very profitable over the next couple of years.

Please let us know what you think in the comments below

Advertisement
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

Trade With A Regulated Broker

  • Your capital is at risk