Start Trading Now Get Started
Advertiser Disclosure
Advertiser Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Gold Forecast: Trades Sideways Near 50-Day EMA

By Christopher Lewis

Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex...

Read more
  • During the trading session on Thursday, we saw the gold market grind sideways, as we continue to see just above the crucial 50 Day EMA.
  • This is a market that’s basically in the middle of the overall range, as the $3200 level has been a floor, and the $3500 level above is a ceiling.
  • With that being the case, the market is essentially where I would expect to call it “fair value.”,

Gold Forecast Today 11/07: Trades Sideways (chart)

Because of this I suspect that the market will continue to try to work off some of the excess froth from the previous shot higher, and right now I think there are so many moving pieces in the economy it’s difficult to get overly aggressive one way or the other.

Top Forex Brokers

1
Get Started 74% of retail CFD accounts lose money Read Review

External Factors

The biggest problem right now is that there are a multitude of external factors right now causing a lot of chaos in the gold market, and more importantly, a lot of uncertainty. After all, the Federal Reserve is still somewhat slow to cut interest rates, and of course we have to worry about geopolitical factors that continue to be a major issue. The tariff situation has not calmed down, and that of course will continue to cause a lot of big moves in the bond markets, the US dollar, and then by extension the gold market. I have no interest in shorting this market, and I do think that if we pull back from here, it’s likely that we will see plenty of “value hunters” looking to pick up cheap gold.

If and when we finally break out of the range, the implied “measured move” is for $300. I suspect it’s probably more likely that we break higher than lower, but I would stick to that forecast in either direction. Ultimately, the market has been in an uptrend for several years and I just don’t see why it would change to a bearish market anytime soon.

Ready to trade today’s Gold prediction? Here’s a list of some of the best XAU/USD brokers to check out.

Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

Most Visited Forex Broker Reviews