Gold Price Forecast – Gold Markets Continue to Grind Overall

Gold markets have initially fallen during the trading session on Wednesday but found support at the same area that we have seen for quite some time, namely the $1850 level. Ultimately, if we break down below here think there is even more support closer to the $1800 level, and that the market will be waiting for there to pick it back up. After all, the 200 day EMA is sitting there and it is the level that we broke out from previously. Beyond that, it is a large, round, psychologically significant figure and therefore I think it all adds up to an interesting place to start putting money to work.

Gold Price Predictions Video 19.11.20

To the upside, I see the $1900 level as a major resistance barrier, not only due to the fact that it is a large, round, psychologically significant figure, but it is also where we see the 50 day EMA. I think gold continues to chop back and forth as we try to figure out what is going on in the world as far as growth or risk appetite, and that of course has a bit of a “knock on effect” when it comes to the US dollar. The negative correlation between the US dollar and gold does tend to be very strong and therefore I think we will continue to see a lot of back and forth and therefore we need to keep all of that in mind by the longer-term outlook for gold should be thought of as relatively strong, due to the fact that central banks around the world will almost certainly flood the markets with liquidity.

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