Gold Price Forecast – Gold Markets Slightly Sluggish On Monday

Gold markets were slightly sluggish during the trading session on Monday as we continue to press higher. However, when you look at the totality of the market, it certainly looks as if we are trying to build up enough momentum to go higher.
Christopher Lewis
Gold daily chart, November 05, 2019

Gold markets pulled back a bit during the trading session on Monday, as we continue to see a lot of volatility in this market. Ultimately, gold has been in an uptrend for quite some time and now it looks as if we are trying to form a bottoming pattern. The 50 day EMA underneath should continue to offer support, especially near the $1500 level as it is approaching that big figure. To the upside, I see a bit of resistance at the $1515 level, but it is probably only a matter of time before that level gets broken.

Gold Analysis Video 05.11.19

To the downside, the market should have plenty of support underneath, extending all the way to at least the $1450 level. Ultimately, I do think that the market should continue to go higher, as the market has been forming a bit of a “rounded bottom”, from the support level underneath. The $1450 level is the top of the major ascending triangle, so that of course would be a very bullish sign if we could bounce from there as well. If we were to break down below there though, that could unleash a new wave of selling. Quite frankly, gold markets are all over the place, but this is possibly due to the fact that liquidity is so thin in so many markets around the world. With this, expect erratic movement but it still favors the upside over the longer term. At this point, I don’t have any interest in selling but I do keep the $1450 level in the back my mind.

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