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Christopher Lewis
Gold

Gold markets have rallied significantly during the trading session on Wednesday to break above the $1850 level. This is an area that has a certain amount of “midcentury appeal” to it, so there is a little bit of a pullback just waiting to happen. Ultimately though, I think that we are going to continue to see gold markets react to the US dollar getting crushed, and at this point in time it is obvious that you should be a buyer instead of the seller. Even if you told me that the gold market was going to fall over the next 24 hours, I still would not be looking for some type of selling opportunity and would be looking at it as offering potential value underneath.

Gold Price Predictions Video 23.07.20

I believe that the $1800 level underneath is the absolute “floor” in the market right now, but honestly, I believe that anywhere near the $1825 level is a potential entry as well. If we can break above the top of the candlestick for the trading session on Wednesday, then that is obviously a bullish sign as well and it could send this market looking towards in $1900 level. I do not like that trade though, because I like the idea of buying gold “on the cheap” as it has offered profits for several months doing so. I have no interest in trying to fight the trend, it is well ensconced in the charts, and with the US dollar getting hammered against almost everything, it makes sense that gold will continue to gain simultaneously.

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

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