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Christopher Lewis

Gold markets went back and forth during the trading session on Monday, as we continue to see a lot of back and forth in this market overall. However, we do have more of an upward trend, so I certainly do not have any interest in trying to short gold. The $1800 level above should continue to be massive resistance, but if we can get a daily close above that level, we could then start to see the market take off to the upside, perhaps reaching towards the $2000 level over the longer term.

Gold Price Predictions Video 07.07.20

To the downside, I think that the $1765 level is significant support that extends down to the $1750 level. The 50 day EMA is also just below there, and that is an area that I think should continue to cause quite a bit of support due to the fact that it has historically been so, and of course it is a widely followed technical indicator. After that, we have the $1700 level that offer support, so I do think that the market is likely to continue to find plenty of buyers.

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At this point in time, I buy dips and I do not short this market although I do recognize that the market is probably going to continue to find trouble above at the $1800 level. I think that every time we pull back after rising towards that area we have continued to chip away at the resistance, and it is only a matter of time before gives way due to plenty of central bank monetary policy and of course the whole host of potential negative headlines out there.

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

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