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Christopher Lewis
Gold daily chart, November 25, 2019

Gold markets initially tried to rally during the trading session on Friday but gave up the gains as we turned around to form a bit of a shooting star. That being said there is a significant amount of support underneath at the $1450 level, so it’s likely that we will continue to see a lot of choppiness in this area, as the market needs to decide whether or not it can hang in this region. Gold is all over the place, and at this point it’s hard to imagine what we are getting ready to do based upon the fact that we have the US/China trade situation still causing a lot of headlines, Brexit, but at the same time we also have central banks loosening monetary policy. Adding more confusion is the fact that the stock market has been rallying the whole time.

Gold Outlook Video 25.11.19

At this point, if we can stay above the $1450 level, I am cautiously optimistic. That being said though, there is going to be a continued significant amount of noise, and therefore I think that if you are buying gold at this point need to do it from a longer-term standpoint than anything else. With that, I believe that the market probably continues to grind back and forth but if we were to break down below the $1450 level, it’s possible that we could then find support at the 200 day EMA which is down at the $1418 level, but if that goes, the uptrend and gold is over. To the upside, the 50 day EMA which is at $1484 will continue to offer a bit of resistance.

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