Gold Price Forecast – Gold Trying to Break Through Major Uptrend Line
Gold markets have initially tried to rally during the trading session on Wednesday but gave back gains to plunge below the lows of the previous session. That being said, it looks like a continuation as we are chipping away at an uptrend line. That being said, I think any type of rally at this point in time will be looked at with suspicion, especially as we had slice through the $1800 level, and of course the 200 day EMA. That being said, Thursday is Thanksgiving in the United States, so with that being the case is likely that we will continue to see a lack of liquidity perhaps offering a bit of an opportunity.
Gold Price Predictions Video 25.11.21
One thing being worth noting is the fact that a bounce is almost certainly likely, as we are so oversold over the last couple of days. That being said, if we break down below the bottom of the candlestick for the session on Wednesday, then the bottom will fall out and we are likely to go looking towards the $1760 level, possibly even down to the $1725 level.
Any bounce at this point in time should be an opportunity to sell at a higher level, so I am not necessarily advocating buying gold, just that I recognize it is a little bit overdone in the short term. Thursday is Thanksgiving in the United States, so the liquidity will be a major issue when it comes to the futures market, so please keep that in the back of your mind. Ultimately, this is a market that has wiped out a lot of the recent gains.
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