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Christopher Lewis
Gold daily chart, July 30, 2019

Gold markets went back and forth during the trading session on Monday, as we continue to hover just below the $1425 level. That’s an area that is the middle of the range that we are trading at right now, with the $1400 level underneath offering major support, and during $1450 level offering major resistance. Ultimately, this is a market that will continue to pay attention to the value of the US dollar and of course the central banks around the world. With the loose monetary policy situation seemingly coming from everywhere, it makes sense that precious metals will continue to get a bit of a bid. Gold of course is very reactive to this and therefore it’s likely that we can take advantage of pullbacks that offer value.

Gold Price Forecast Video 30.07.19

The $1400 level is of course major support, but I think it’s more of a “zone” that extends down to the $1390 level. Ultimately, I’d be a bit surprised if we broke down below there, especially considering that the 50 day EMA is now starting to approach that same level as well. By the time Wednesday ends, we should have more clarity when it comes to the Federal Reserve, and if they look likely to continue to ease monetary policy, that should help precious metals overall, not only denominated in the US dollar, but denominated in various currencies around the world. Ultimately, I believe that the market breaks above the $1450 level and then continue to reach towards the $1500 level after that.

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