Start Trading Now Get Started
Affiliate Disclosure
Affiliate 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: Searching for Bottom on the Pullback

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. He favours a longer-term trading style, and his trades often last for days or weeks.
  • Gold has fallen pretty significantly during the course of the trading session on Tuesday as we are now flirting with the $2,600 support level.
  • This is an area that a lot of people will be paying close attention to, not only due to the fact that previously it has been important, but there are a lot of options barriers in this general vicinity.

It's also worth noting that the 38.2% Fibonacci retracement level is there from the recent swing higher, so it'll be interesting to see how this plays out. I do think that in the longer term, you probably have a real shot at gold going much higher, but with the CPI numbers coming out on Wednesday, it might be a scenario where people are waiting to see how that plays out.

Top Forex Brokers

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

After all, CPI could shock the market and, in that environment, you could see inexplicable volatile moves and then see the market turn right back around. So, with all of that being said, I think you have to look at the longer term trend, assume that it still continues and look for opportunities. This is a potential opportunity if we turn around and show signs of life.

Gold Forecast Today 13/11: Bottom on the Pullback (graph)

If We Were to Break Down

If not, that's fine. We just started to look towards the $2,530 level, which is your next major previous area of market memory just waiting to be tagged. That being said, this is a market that has fallen apart pretty hard and probably far too quickly. The geopolitics will be different due to the fact that the United States is more likely than I'm going to enter a less confrontational stance with other countries around the world with a Trump administration. So, with that being said, this is a market that I think given enough time will eventually find a reason to go higher, but it won't be geopolitical. It'll probably be interest rates dropping, the central banks around the world buying gold, and then of course the profligate spending by most major economies.

Ready to trade our Gold price forecast? We’ve made a list of the best Gold trading platforms worth trading with. 

Christopher Lewis
About 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. He favours a longer-term trading style, and his trades often last for days or weeks.
 

Most Visited Forex Broker Reviews