Gold Price Forecast – Gold Markets Show Signs of Exhaustion

Gold markets have gone back and forth during the trading session on Friday, as we awaited the jobs figures coming out the United States and of course the results of the US election. However, it looks as if the results of the US election will probably be decided in the courts, and at the very least we are going to see a recount in a couple of major states. If that is going to be the case, we could be talking several days before we have certified results, and if it goes through the court system it could be weeks.

Gold Price Predictions Video 09.11.20

This will almost certainly have an influence on what happens with the US dollar, which by extension will have a lot of influence on gold. Ultimately, the $1960 level is significant resistance, as we had seen a lot of selling from that region. If we can break above the top of the range, then we will possibly go looking towards the $2000 level. There is a lot of resistance between here and $2000, so I think at this point we are more likely than not to see some exhaustion that will creep into the market.

To the downside, I believe that the $1900 level should offer support, and I do like buying dips, as they represent value in a market that is fundamentally strong and probably will be for quite some time. That being said, the next couple of days are probably going to be noisy and therefore I would expect stay within the range that we have been in. If we can finally break above the you $2000 level, then it is likely that we could go looking towards the $2100 level.

For a look at all of today’s economic events, check out our economic calendar.