Gold Price Forecast November 9

Gold markets were a little bit softer during the trading session on Thursday, as we continue to see a lot of volatility in the precious metals markets.
Christopher Lewis
Gold daily chart, November 09, 2018

Gold markets have drifted a little bit lower during the trading session on  Thursday, but has support underneath, especially near the $1210 level. I think that the $1250 level above is resistance. Overall, we are consolidating and we are trying to build a bit of a base after a break down. The $1200 level overall has been supportive, while the $1400 level above has been resistive. This is a longer-term situation, so therefore I think we do eventually bounce but obviously we have a lot of work to do.

Gold Price Predictions Video 09.11.18

Gold markets had received a nice bit due to a safety trade, but at this point I think we’re going back to the US dollar negative correlation. Pay attention to that, because it seems to be weighing upon gold. If we were to break above the $1250 level, then I think gold goes looking towards $1275 level, followed by the $1300 handle. To the downside, if we break down below to a fresh, new low then I think it opens the door to $1100 and finally $1000 which of course was massive resistance years ago and should have a lot of market memory and psychological support attached to it.

While we have had a nice move over the last couple of months and have broken through a downtrend line, gold hasn’t exactly taken off to the upside. It is because of this that I urge you to use small positions if you are going to go long, so that you don’t do extraordinarily damaging things to your account. All things being equal though, I do think there are buyers underneath.

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