Multiple Factors Continue to Pressure Gold Pricing | The Gold Forecast

Multiple Factors Continue to Pressure Gold Pricing

November 27, 2019 - 5:51pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We are currently flat with no active trades

Gold Market Forecast

Because the financial markets in the United States will be closed tomorrow in observance of the Thanksgiving holiday, and gold will trade with shortened hours on Friday there will be no report until Monday.*

That being said today’s video report will focus on recent activity in gold with emphasis on what is caused the continue correction. Most importantly we will look at critical levels of support and resistance. The Friday immediately following Thanksgiving (Black Friday) has been notorious on some years by a minority of traders using the extremely thin volume to their advantage to move the markets. It is for that reason that the best advice is to remain neutral at least until Monday.

 

*We will monitor the markets on Friday and if there is extreme activity have a shortened revised video report.

Sentiment Indicator:
Gold -> Neutral
Silver -> Neutral
S&P 500 -> Bullish
Bitcoin -> Neutral
Bitcoin fundamentals by Joseph M. Wagner II:

Bitcoin bounced back with a vengeance today and currently as of 3:47 PM EST is up an astonishing 8.5% on the day for futures in the CME at $7,730. On a weekly basis this is a huge turn around for the recently battered BTC. This is because this week’s candle opened up just beneath the 50-week moving average which it had managed to hold above for over seven months starting back when futures broke above $5,500 for the first time in 2019. But today’s tremendous uptick brought the weekly candle well above the level which is now at $7,241. If Bitcoin can hold above it a turn-around may be coming.