Gold markets have tried to rally during the trading session on Thursday but gave back quite a bit of the gains to show a lackluster drive higher. Because of this, it sets up an interesting Friday session because if we were to break down below the bottom of the lows from Thursday, then we could reach towards the $1450 level. Alternately, if we can break above the top of the candlestick then it opens up the door to the 50 day EMA above which is closer to the $1488 level.
Gold Outlook Video 15.11.19
Quite frankly, the $1450 level was crucial for gold in order to keep the overall uptrend as it was the scene of the top of the previous ascending triangle. At this point, the market looks very likely to find some support, so if we were to break down below the $1450 level, the market could very well drop down towards the 200 day EMA. That would also be the beginning of the end of the uptrend if it does in fact happen. I think at this point gold will continue to move back and forth, trying to figure out where to go next due to so many different moving pieces in the world. Central banks are liquefying the markets, but at the same time the Federal Reserve has stepped on the sidelines. Ultimately, we also have a lot of geopolitical concerns out there that could come into play, so gold certainly will get a boost in one direction or the other end right now it looks as if we are trying to figure out which way.
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This article was originally posted on FX Empire
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