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Gold Price Analyis: Resistance May Come Under Renewed Pressure

Gold Price Analyis: Resistance May Come Under Renewed Pressure

Nick Cawley, Strategist

Gold Price Forecast, Technical Analysis and Charts:

  • Gold remains constrained by short-dated moving averages.
  • Bullish hammer candlestick may make its presence felt.

Brand New Q4 2019 Gold Forecast and Top Trading Opportunities

DailyFX Interactive Global Commodities Infographic

Gold Price Fundamental and Technical Outlook

The price of gold continues to move higher, aided in part by renewed trade tensions between the US and China with suggestions now that an agreement may not be as close as recently suggested. The precious metal also got a bid from the escalation of violence in Hong Kong as extradition bill protests took another turn for the worse. US Treasury yields also fell Monday, aiding the move higher.

The daily chart shows that gold’s recent turnaround off its three-month saw a bullish candlestick formed, a technical signal that suggest higher prices ahead. And another hammer doji was formed yesterday as the price of gold closed near its high. Today’s price action should be noted with a close above yesterday’s high - $1.474/oz. – a bullish confirmation signal. The CCI indicator at the bottom of the chart shows that gold has moved out of oversold territory.

How to Trade the Doji Candlestick Pattern

For gold to make another attempt at $1,500/oz. and above, the spot price will need to take out two levels of resistance. The 20-day moving average is currently around $1,480/oz. while the 50-day moving average currently sits around $1,490/oz. The first level of support for gold is the 23.6% Fibonacci retracement level at $1,463.5/oz. ahead of the $1,453 - $1,456/oz. zone.

Gold Price Chart (May – November 19, 2019)

Gold Price Analyis: Resistance May Come Under Renewed Pressure

How to Trade Gold: Top Gold Trading Strategies and Tips

IG Client Sentiment shows that how traders are positioned in a wide range of assets and markets. Retail customers are 73% net-long gold, a bearish contrarian bias. However daily and weekly sentiment shifts give us a bullish outlook.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Gold – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.