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Christopher Lewis
Gold weekly chart, November 25, 2019

Gold markets went back and forth during the week, showing signs of confusion or perhaps even stability. The previous candlestick for the week formed a hammer, and this one shows that we are in fact trying to stabilize in this area as well. If we can break above the top of this weekly candlestick, it’s likely that we could go to the top of the breakdown candlestick from a couple of weeks back, sending this market closer to the $1520 or so. At this point, this is a market that should continue to go higher, but we may have a little bit of noise to chew through in the short term.

Gold Analysis Video 25.11.19

Looking at the chart, we are most certainly bullish, and it should be pointed out that this is at the 38.2% Fibonacci retracement level. Overall, if the market continues to find support here, then it’s likely that we could go higher. You could make an argument for a bullish flag still, and therefore could be looking at gold going all the way to the $1800 level based upon the measurement. On the other hand, if we were to break down from here, the market will then go looking towards the $1400 or so, which is a large, round, significantly figure. These levels tend to attract a lot of attention, so it would line up quite well.

Gold continues to get thrown around due to the US/China trade situation, and as a result the headlines are to be paid attention to. Unfortunately, that means erratic high-frequency trading. However, we are in an uptrend and so far that has stayed the case.

Please let us know what you think in the comments below

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