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Christopher Lewis
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Gold

Gold markets have gone back and forth during the trading session after initially opening up higher on Wednesday, as we await the FOMC statement and announcement. The $1900 level underneath offered significant support during the previous session, and now could be thought of as a short-term floor in the market. I do not know that it holds though, but I am pretty confident about $1800 holding. I realize these are wide ranges but quite frankly the gold market has been out of control as of late. Because of this, I think it is only a matter of time before the markets try to find some type of reason to go higher but a pullback would make them much more affordable.

Gold Price Predictions Video 30.07.20

The 50 day EMA is currently sitting at the $1800 level, an area that had been previous resistance. At this point I think that there would be plenty of buyers in this vicinity, as there would be a lot of people who missed out on the original trade that would be more than willing to get involved. Because of this, I think that there is a great trade waiting to happen, but we need some type of reason for gold to pull back.

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Just above, we have the $2000 level which of course is going to cause some issues, but ultimately, I think we will break through there and go much higher. The US dollar is on its back foot for a reason, and that should continue to be the case. There might perhaps be a little bit of jitters around the FOMC announcement, but after that we should get buyers again.

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

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