Gold markets drifted a bit lower during the trading session on Friday, reaching towards the $1460 level. I see a significant amount of support at the $1450 level, as it was the top of an ascending triangle and quite frankly could open up the door to much lower pricing if we break down below it. The 200 day EMA underneath is massive support as well, but I think if we give up $1450, the market is very likely to continue breaking down.
Gold Price Predictions Video 11.11.19
A lot of this was due to the US/China trade talks supposedly going in a better direction, but at the same time we have seen the President suggest that he hasn’t decided whether or not he was going to rollback tariffs. With this, expect a lot of back and forth but right now it looks as if gold is ready to continue going lower. That being said, if we were to turn around a break above the highs from the Friday session, we could go towards the 50 day EMA which is currently at the $1493 level.
Gold markets will continue to move based upon the latest US/China trade headlines, which of course have a knack for going back and forth, and therefore have held the markets hostage. If we can turn around a break above the downtrend line, then this market could go as high as $1800 but quite frankly it needs to do it sooner or this flag will have run out of time and therefore simply ended up forming a descending channel more than anything else.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
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