Gold Price forecast for the week of November 20, 2017, Technical Analysis

The gold markets rallied significantly during the week, reaching towards the $1300 level. If we can break above that, I think that the market is free to go to the $1325 level at that point. A break above there census market towards the $1350 level also. I believe that the market will continue to see a lot of noise, and the failing of the US Congress to pass a tax bill should continue to weigh upon the US dollar, which has put a bit of a boost on gold. Nonetheless, I think that we are going to be choppy at best and therefore longer-term traders will probably continue to struggle. A retirement portfolio of physical gold makes a lot of sense, and that’s probably the best way to play this market right now. You could use CFD markets as well, but to go to the futures market would be very difficult, especially considering that the $1300 level will be important, and perhaps very difficult to overcome.

If we do fall from here, I suspect that the $1275 level will offer support. A breakdown below the candle from the previous week would send this market down to the $1250 level, which is the middle of the overall consolidation that we had been in previously. When I look at this chart though, it certainly seems as if the upward pressure is gradually building, but I just don’t think we are ready to break out quite yet. Because of this, if you are apt to go long, look for pullbacks to pick up value. However, I believe that breaking above the previous 2 shooting stars is a sign that things are at least trying to go the way of the bullish.

This article was originally posted on FX Empire

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