Gold Price Forecast November 6

Gold markets were relatively quiet during the trading session on Monday as traders came back to work from the weekend. The $1250 level above continues to offer a significant amount of resistance, so I think that a break above that level could open up another leg higher. At this point, I believe that market participants are probably waiting to see how things go in the United States as far as midterm elections are concerned, because a change of party control in the Congress would of course change monetary policy in the United States, which also would affect the US dollar.

Gold Price Video 06.11.18

At this point, I think that the markets will continue to grind sideways overall, with the $1250 level above being massive resistance. The $1215 level underneath begins a significant amount of support that extends down to the $1200 level. Ultimately, this is a market that looks as if it is trying to break above significant resistance, as we have recently broken through a downtrend line and are towards the bottom of the overall consolidation from the longer-term charts, that extends to the $1400 level. At this point, I believe that the market continues to bounce around in this $200 range, and ultimately I think that longer-term traders will continue to look at this market in that light. Gold is obviously a market that will move with a negative correlation to the US dollar. Because of this, you need to pay attention to it, and see what happens over there.