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Christopher Lewis
Gold

Gold markets have gapped higher to kick off the trading session on Wednesday, only to turn around and fill the gap before rocketing straight up in the air. At this point, gold has gone completely parabolic and we desperately needs some type of pullback. That being the case, it is going to be difficult to watch this market but clearly it is obvious that we need to find some type of value. If you can wait for a return towards the $2000 level, you may see support come into play. Markets cannot go straight up in the air like this forever, although they can go straight up in the air much longer than you anticipate.

Gold Price Predictions Video 06.08.20

That being said, if you by gold here it is almost a given that you will be buying at the top. The idea is that you need to find good price is to buy an asset at. For some reason, people look at trading in a different lens, and do not realize that they are buying an asset and buying gold here is equivalent to buying a television that has gotten 20% more expensive in the last few weeks. You would not do that in the store, so you certainly should not do that here. You need to be patient and wait for the pullback, regardless of what you think or now. Yes, I think we go much higher, but we do not get there overnight. There is a trend line that we could return to which would even have this market dropping below $2000. It is not until we break down below the trendline that I would consider shorting.

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

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