Gold Forecast: Continues to Show Strength

You can see how influential it was earlier when we were down most of the year. The gold market was slightly higher during trading on Thursday, but remember it was Thanksgiving. In other words, liquidity would be a big problem and of course you have to make sure that futures trading would be limited. In other words, apart from how the market has behaved over the last two days, there is not much else to do. Advertisement It’s a new week, are you ready for a new broker? Open an Account with a Top Broker TRADE NOW Remember, the FOMC meeting minutes released late Wednesday indicated that some Federal Reserve Bank leaders are beginning to consider slowing rates. That could be all it takes for gold to rise. . The 200 day EMA is exactly where we are now, so if we manage to cross it, it will buy a lot of algorithmic traders. You can also look at the $1,800 level as a possible target at this point, and anything above that will almost certainly open up the possibility of a move to the $2,000 level. We see strength in the gold market There is a significant amount of support below the $1725 level and then again at the 50-day EMA. The 50-day EMA is an indicator that many people pay attention to because it is followed quite often as a trend line. You can see how influential it was earlier when we were down most of the year. At this point we have to ask whether gold has tanked or not, and you can make that argument from a technical analysis perspective. After all, a „W pattern” has just started and we are back above the crucial $1680 level, an area that has been important several times over the years and has been at the bottom of a general consolidation zone. We broke through that, but didn’t get enough momentum to really break the cold, so you have to wonder if we’re in for at least a correction, if not a complete trend change. Much will depend on what the Federal Reserve has to say in December, but after that we may see some strength in the gold market as interest rates continue to decline.

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