Gold price forecast – Gold gives up initial gains

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Gold has risen a bit during the trading session on Friday and has reached the level at $ 1820, which is the zone that I indicated that it had to be overcome to be able to say that it was in bullish mode, but then it has turned around and has yielded the gains, forming an inverted hammer.

That tells me the market could crash if we cross below Thursday and Friday lows, in which case I anticipate the market could go as high as $ 1,750, especially if stocks continue to fall.

You should also keep in mind that all this negativity has come at a time when liquidity was very low due to the fact that Thursday was Thanksgiving in the United States, so this will surely have caught many important traders by surprise. that would have made a bridge.

All this tells me that Monday’s session will be crucial to give us an idea of ​​where we are going to go in the long term and in case we break down I will not hesitate to go short, because it would be a continuation of the falls that we have. been watching in the last few days. Going up I think that if we break above $ 1820 it could recover but as the volume is very low I would not give much importance to the shape of the candle at the end of the day.

Basically right now you have to be very careful because the market can register very wild movements.

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This article was originally posted on FX Empire

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