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Christopher Lewis

Gold markets have gone back and forth during the trading session on Tuesday as we continue to hang around the 50 day EMA. Currently, the market looks as if it is trying to figure out whether or not it can continue to go higher, or if we need to go lower in order to find some type of value. Looking at the gold market, for me it seems to be all about the US dollar right now, as the greenback seems to be making some type of stand right now. If the US dollar rallies, that typically will work against the value of gold.

Gold Price Predictions Video 07.10.20

If we break down below the bottom of the hammer from the Monday session, I suspect that we will go looking towards the $1850 level. After that, I suspect there is even more support to be found closer to the $1800 level, which is a massive round figure that people will pay close attention to. Furthermore, we have the 200 day EMA sitting just below there so it does make a certain amount of sense that there would be buyers looking to pick up gold in that general vicinity.

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I do think the gold makes a nice longer-term investment but when you look at the chart it does not take a lot of imagination to suspect that we may still be in the descending channel. Having said that, if we can break above the $1925 level on a daily close, we may have an attempt to reach towards the $1950 level next.

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

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