Gold markets trying to rally a bit during the trading session on Tuesday but could not sustain any meaningful gains. At this point, the market looks very likely to continue to struggle in general, as we have seen a bit of a grind lower over the last several months. This has been a gentle move lower, so that is one thing the buyers can take a bit of comfort and, but at the same time the $1450 level simply must hold as support as it was the previous top of an ascending triangle. Then level being broken to the downside would be very negative and could send gold down another $50.
Gold Technical Analysis Video 11.12.19
To the upside, the most obvious resistance barrier will be the $1500 level, and if we can clear that to the upside it’s very likely that we will continue to go much further. Gold of course will get a bit of a boost due to any type of negative trade headlines, but lately it seems as if the market is starting to price and some type of an agreement between the Americans and the Chinese going forward. If that’s going to be the case, then that will work against gold as well. While I do like gold longer-term, it certainly isn’t showing any urgency in this area, and as a result it’s very likely that we continue to see a general lack of enthusiasm.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
More From FXEMPIRE:
- Price of Gold Fundamental Daily Forecast – Tariff Confusion, Fed Uncertainty Underpinning Gold
- Crude Oil Price Forecast – Crude Oil Markets Pressing Resistance
- AUD/USD Price Forecast – Australian Dollar Continues Choppiness
- USD/JPY Price Forecast – US Dollar Building A Base
- GBP/USD Price Forecast – British Pound Continues To Power Higher
- S&P 500 Price Forecast – Stock Markets Stagnate Ahead Of Crucial Weekend