Gold Forecast Today - 11/11: Consolidation Friday (Chart)
Date
11/11/2024 2:31:43 PM
(MENAFN- Daily Forex) The Gold market pulled back slightly during the trading session on Friday, and as I look around at the commodity markets, it does make a certain amount of sense that we have seen a lot of noisy behavior being said, I think the gold market is a little bit different in the sense that there are a lot of value hunters out there, and of course we have been in a major uptrend for some time, there are a few things that we need to pay close attention to, not the least of which would be the bond markets in the United States which have seen interest rates spike, despite the fact that the federal Reserve has been cutting short term rates. Top Forex Brokers 1 Get Started 74% of retail CFD accounts lose money Read Review BrokerGeoLists({ type: \u0027MobileTopBrokers\u0027, id: \u0027mobile-top-5\u0027, size: 5, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, });Technical AnalysisThe technical analysis for the gold market is bullish them, and as a result it\u0026rsquo;s likely that the market will be paying attention to a couple of different places. The $2650 level is an area that has been important more than once, and therefore it does make a certain amount of sense that people will be paying close attention to it, we also have the 50 Day EMA hovering right around that area, and the fact that we had bounced from there quite drastically to the upside on Thursday suggests to me that the market is likely to continue to see that as a \u0026ldquo;floor in the market.\u0026rdquo; EURUSD Chart by TradingView If we can break above the high from both Thursday and Friday, then I think it opens up the possibility of a move to the 2007 and $50 level, which is an area that we have seen a lot of noise at previously. If we were to break above there, then the market could go looking to the $2800 level. The $2800 level of course is an area that a lot of people will be paying close attention to as it is a large, round, psychologically significant figure, and perhaps more importantly than that, it\u0026rsquo;s an area that has shown itself to be rather negative. If we were to break down below the $2600 level, I think that could be a fairly negative turn of events.
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