Gold Forecast 24/11: Looks For Momentum In Range (Video)

2025-11-24 02:10:59

(MENAFN- Daily Forex)

Gold continues to fluctuate around the $4,000 level, with deteriorating volume and persistent choppiness signaling a market in flux.
Sideways trading dominates for now, but price action suggests the potential for a major breakout or breakdown ahead.

The gold market has gone back and forth during the Friday session as the $4,000 level continues to be important. The $4,000 level is a large, psychologically significant figure and an area that will attract a lot of headlines. The 50-day EMA is reaching toward the $4,000 level as well, offering additional support for the market that has seen a cooling from the impulsive behavior previously found.

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The entire week has seen a great deal of choppy behavior with long wicks in both directions. Volume is dropping, so it is not a surprise that the market has not broken the recent highs at the $4,400 level. As things stand right now, this looks like a market that continues to trade sideways, perhaps using $4,000 as a support level and $4,200 as a resistance barrier. If price were to break below the $3,960 level, it could trigger a huge drop lower, perhaps toward the $3,500 level.

This will be an interesting market to watch because gold shot straight up for a while, then was absolutely decimated, pulled back, and bounced again, but that bounce has not been as resilient as the initial surge higher. This suggests the potential formation of a topping pattern. Caution is warranted, but for now the market appears to be largely sideways.

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Short-term traders can take advantage of the back-and-forth action, although sooner or later a significant move is likely. I believe that this is a market that you should pay attention to, but recognize that there will be work to be done to get it moving.

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