Gold Forecast Today -14/11: Gold Pulls Back (Chart)
Date
11/14/2024 2:32:55 PM
(MENAFN- Daily Forex) During my daily analysis of the Gold market, the first thing that I notice is that we did try to rally, but we gave back those gains to show signs of hesitation doing so, we have formed a less than exciting candlestick, so I think at this point in time it\u0026rsquo;s very likely that we will continue to see a lot of downward pressure, we need to see a situation where the market participants continue to see this as a \u0026ldquo;buy on the dip\u0026rdquo; market, but we also have to keep in mind that the overall attitude of the market has been bullish for some time, but we also have seen a brutal sell off. 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, });The US dollar has been like a wrecking ball for the gold market, as well as the other currencies around the world. That being said, what this tells me is that this is a world that is focusing on the US dollar more than anything else, and with that being the case, it does make a certain amount of sense that the strengthening greenback has been such an issue. The bond markets continue to see higher interest rates, and therefore I think you\u0026rsquo;ve got a situation where traders are focusing on the higher yields that you can get in the bond market instead of storing physical gold AnalysisThe technical analysis for the gold market of the longer-term is very bullish, but in the short term, it\u0026rsquo;s obvious that things have gotten very negative all of the sudden. By breaking through the $2600 level to the downside, the market looks as if it is going to fall apart. All things being equal, I think the next major support level is close to the $2550 level, and then again at the $2500 level. Keep in mind that the 200 Day EMA is sitting just above the $2400 region and is rising. That could come into the picture to offer support. EURUSD Chart by TradingView Despite the fact that the market looks so rough, we do have a lot of concerns when it comes to geopolitics at the moment, although they are starting to disappear a bit due to the incoming US administrations lack of interest in conflict. Furthermore, we also have to keep in mind that central banks around the world are buying gold, so that could come into the picture as well. Beyond that, we also have the simple fact that we now see this as a potential value trade. In other words, if we get some type of bounce, it\u0026rsquo;s likely that the market could go higher.
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