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Christopher Lewis
Gold

Gold markets have rallied slightly during the trading session on Thursday, as we head into the Christmas holiday. The 50 day EMA is offering support from a technical standpoint, and it looks as if we are going to go looking towards the $1900 level. If we can break above there, the market likely goes looking towards the $1925 level, and then of course the $1950 level. I think that it will not necessarily be the easiest trade, but if you can sit through the volatility you could entertain quite a bit of profit at this point.

Gold Price Predictions Video 28.12.20

Buying the dips has worked for gold more than once, and it certainly looks as if we are trying to rally from here. Pay attention to the US dollar, because if it continues to get hit hard, that should continue to lift gold as a side effect. The size of the candle is not necessarily impressive, but we have been rallying over the last couple of months and this looks as if we are going to continue to see upward pressure. I think that you are probably better off adding into a position very slowly, and therefore it is likely that we will continue to see that behavior continue.

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After all, not only do we have stimulus coming out of central banks, but we also have stimulus coming out of national governments. I believe that this is part of the larger move from fiat currency, so gold will be an area where people will be looking to protect wealth. This has risen right along with Bitcoin, and for the same reasons.

For a look at all of today’s economic events, check out our economic calendar.

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