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Manchester
November 19, 2019
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Forex

Gold Price Outlook Breaking Down – Is Bullish Momentum About to Crack?

Gold Price Forecast, Technical Analysis and Charts:

  • Gold stays above the current uptrend line for now.
  • Financial markets stay threat-on and that’s weighing on gold.

Brand New Qfour 2019 Gold Forecast and Top Trading Opportunities

DailyFX Interactive Global Commodities Infographic

Gold Price Fundamental Outlook

Gold’s current push larger is fading as markets put their religion within the newest spherical of optimistic US-China commerce deal reviews. News shops are saying that the US might dial again on a few of the tariffs imposed on Chinese items on September 1 to assist push via part one among a cope with China, and markets are taking a constructive slant. The Chinese Yuan is buying and selling again under 7.00 in opposition to the US greenback for the primary time in three months, after having hit a peak of USD/CNH 7.196 in early September.

USD/CNH Daily Price Chart (March – November 5, 2019)

Gold Price Technical Analysis

While threat-on asset markets are booming – S&P 500, Nasdaq and the Dow Jones all hit report highs Monday conventional threat-off markets – Japanese Yen, Swiss France and gold – are all fading decrease. Gold’s current transfer larger helped set-up a bullish pennant sample, however that is now beginning to break down. The prolonged uptrend line from the October 1 low stays in place and continues to present assist for an extra transfer larger though his transfer is weakening. The pattern line is round $1,500/oz. and is simply above each the 20- and 50-day shifting averages and a break and shut under all three would name the current bull transfer additional into doubt. Initial assist from the downtrend line round $1,488/oz. earlier than the current double lows at $1,482/oz. earlier than $1,474/oz.

Gold Price Daily Chart (March – November 5, 2019)

Gold Price Outlook Breaking Down - Is Bullish Momentum About to Crack?

How to Trade Gold: Top Gold Trading Strategies and Tips

IG Client Sentiment reveals how merchants are positioned in a variety of belongings and markets. Retail clients are 6four% web-lengthy gold, a bearish contrarian bias. However, current day by day and weekly positional shifts give us a blended outlook.

Traders might be eager about two of our buying and selling guides – Traits of Successful Traders and Top Trading Lessons – whereas technical analysts are possible to be eager about our newest Elliott Wave Guide.

What is your view on Gold – bullish or bearish?? You can tell us by way of the shape on the finish of this piece or you may contact the creator at nicholas.cawley@ig.comor by way of Twitter @nickcawley1.

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