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Gold Price forecast for the week of November 13, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Nov 11, 2017, 05:11 UTC

Gold markets initially tried to rally during the week, but turned around to form a shooting star. This of course is a negative sign, especially

Gold weekly chart, November 13, 2017

Gold markets initially tried to rally during the week, but turned around to form a shooting star. This of course is a negative sign, especially considering that the previous candle was a shooting star. I believe that a breakdown below the bottom of the candle for the week should send this market looking for support below, closer to the $1250 level. That is the middle of the overall consolidation area that we had been in previously, and that could of course attract a lot of attention. Alternately, if we were to break above the $1300 level, that is a very strong buying opportunity based upon momentum and the break out. I think that the $1325 level should of course be resistance, based upon the reaction that we had seen. However, a break above there census market the much higher levels, and I think that gold is eventually going to find an of buying pressure to go higher. Looking at this chart, we have a nice uptrend in channel from what I can see, going back to the beginning of the year. That being said, I do think that eventually we get a rally.

One of my favorite ways to trade gold is to build up a physical position. However, if you don’t have that opportunity you should look towards the CFD market as it gives you an opportunity to build a position slowly, and dial back some of the leverage in the meantime as we have so much in the way of volatility. In general, I do like buying gold for the longer-term move, but in the short term it could be rather painful to hang onto a large position. Overall, this is a market that should perform well, but obviously we have a lot of work to do.

Gold Technical Analysis Video 13.11.17

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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