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Gold Forecast: Gold Skyrockets on Thursday

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.
  • The Thursday session has been very good for gold, as it looks like we are doing everything we can to reach toward the 3000 level.
  • The 3000 level of course is an area that will attract a lot of attention as it is a large, round, psychologically significant figure, and an area that would probably feature a lot of options trading as well.
  • In other words, I think that we are kicking off the next leg higher, which is very interesting when you look at the technical analysis.

XAU/USD Forecast Today 14/10: Gold Skyrockets (Chart)

Technical Analysis

Despite the fact that I can give you a ton of reasons for gold price to go higher, the reality is that the technical analysis is extraordinarily strong as well. To begin with, we’ve seen a surgeon volume over the last couple of days, and of course the candlestick on Thursday is massive. Because of this, I think that there is a lot of momentum coming into this market, which makes sense considering that we have just broken above the top of a bullish candlestick, and of course a bullish flag.

The bullish flag of course will be something that pretty much everybody in the world is watching, and what I find interesting is that the so-called “measured move” means that we could be going to the $3300 level before it’s all said and done. At this point, I don’t see any reason to short this market, although there is probably going to be a significant amount of profit-taking near the $3000 level.

On any pullback, I anticipate that there will be people looking to get involved and take advantage of “cheap gold” as it appears. I find it difficult to imagine a major selloff in gold unless of course something drastic happens out there that is unforeseen. At this juncture, I would look at the $2900 level as a potential “floor in the market”, which is most certainly something to pay close attention to.

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

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.

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