Gold Price Forecast November 24, 2017, Technical Analysis

Gold markets have done almost nothing during the Thursday session, which of course is not a huge surprise as the Americans were away for Thanksgiving Day celebrations. Today could be very thin liquidity as well, as most of volume is done in the United States, and quite frankly nobody will be at work. Beyond that, the electronic exchanges of course will offer trading, but the thin liquidity will probably keep this market for making major moves. Currently, the $1300 level above has offered a significant resistance barrier, and the $1275 level underneath has offered significant support. I think that trading a short-term type of system expecting range bound action is probably the best way to go. I use the Stochastic Oscillator for this scenario, looking for overbought or oversold conditions within the range.

However, if we were to break above the $1300 level, I believe the next target is the $1325 level after that, which has already proven to be resistive. Because of this, I would expect the market to pick up momentum above there, as it would be a significant breach of resistance. I also think that if we break down below the $1275 level, the gold market will go looking towards the $1250 level under there, which has been the “fair value” of the larger consolidation area for some time. When I look at the longer-term charts, it looks as if the gold markets have been bullish, but choppy to say the least. There is a bit of an up-trending channel, but obviously the easiest way to play that is going to be through physical gold, and suddenly holding onto it. Any type of leverage makes that longer-term trading difficult and dangerous to say the least. In general, I think eventually we will break out to the upside.

Price of Gold Video 24.11.17