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: Gold Continues to Consolidate Ahead of Election

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.
  • During my daily analysis of the commodity markets, the first thing that comes to my attention is the fact that gold markets are consolidating a bit in order to show signs of hesitation.
  • Quite frankly, the market sees the $2700 level underneath as a major support, while the $2800 level above is a major resistance. As we are sitting roughly in the middle of that, I think this is a market that is just simply waiting to see what happens next.

Gold Forecast Today - 6/11: Gold Steady Pre-Election (Chart)

Top Forex Brokers

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

A Couple of Rough Days

I suspect at this point in time we will have a couple of rough days, as the US election of course is going on during the Tuesday session, and it looks beyond is here: the United States is a Third World institution that will take several days to come to a conclusion, all things being equal.

Furthermore, we also have the Federal Reserve on Thursday, which is expected to cut rates, but a lot of what will see is going to be conjecture on what the press conference has to say, and of course how the market reads as to where the central bank is heading.

 

If we were to turn around and break down below the $2700 level, I think it’s probably only a matter of time before value hunters come back into the picture and try to take advantage of “cheap gold.”

Ultimately, the 50 Day EMA sits right around the $2640 level and is rising. Ultimately, I think this is a situation where traders will continue to look at this through the prism of whether or not geopolitics would calm down, and of course what happens with the US dollar, as well as interest rates. A lot of things out there will continue to be a situation where the momentum is still to the upside, and I do think that there is a certain amount of value hunting out there that will be willing to get involved with.

Ready to trade our Forex daily analysis and predictions? 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