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Gold Price Forecast – Gold markets show neutral candle stick after jobs number

Gold markets went back and forth during the trading session on Friday, forming a rather neutral candle stick as the jobs number came out slightly lower than expected, but the unemployment rate was better than it’s been since 1969, causing a lot of back-and-forth as far as risk appetite is concerned.
Christopher Lewis
Gold daily chart, October 07, 2019

Gold markets went back and forth during the trading session on Friday, as the jobs number came out. The $1500 level has offered support, but we also have seen a bit of resistance at the $1520 region. By finding it, we have ended up forming a relatively neutral candle stick, showing signs of confusion. At this point, the 50 day EMA is underneath, starting to offer support just below the $1500 level. The market certainly looks as if it is trying to rally from here, so a break above the top of the shooting star from the Thursday session would send this market much higher. At this point, the market would go looking towards the $1540 level, and then possibly the $1560 level. All things being equal, this is a market that should continue to go higher, but that doesn’t mean that it will be easy.

Gold Prices Video 07.10.19

Underneath the uptrend line continues to offer support, and therefore I think it’s only a matter time before buyers would return if we do pull back. Gold has been in a nice uptrend for some time, and of course with the several geopolitical issues that the markets are facing and of course the economic slowdown at the same time, it makes sense that traders will continue to look to gold for safety. Beyond that, it is also driven by the central banks and their interest rate cuts, and of course quantitative easing.

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