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Christopher Lewis
Gold

Gold markets have gone back and forth during the trading session on Tuesday as traders came back from the weekend. It looks as if the 50 day EMA is going to continue to offer support, not to mention the fact that the $1900 level is also supportive. All things being equal, this is a market that I think continues to go higher over the longer term, but that does not mean that we will not have the occasional bout of volatility like we had seen early in the trading session. That being said, even if we do break down below the $1900 level, I think there is a significant amount of support to be found at the $1800 level as well, not only from a large, round, psychologically significant figure, but also the fact that it was structurally important in the past.

Gold Price Predictions Video 09.09.20

All things being equal, I do believe that this is a market that will have plenty of buyers underneath, so it is only a matter of waiting to see whether or not we get some type of bounce. The $2000 level above will cause a significant amount of resistance from a psychological standpoint, so be aware that as well. The candlestick of course is a bit negative, but it is also bouncing from a very important level, so at this point I think this shows that there is a real possibility of stability ahead. If that is going to be the case, then the buyer should return as perhaps the US dollar recovery is slowing down a bit.

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

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