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Christopher Lewis

Gold markets initially gapped higher to kick off the trading session on Thursday but continue to look very bullish as we have recovered most the law losses. With that being the case, it is likely that we will continue to see the gold markets attract buyers every time the dip, and quite frankly with the Federal Reserve out there doing what they are doing to liquefy the markets it is going to drive down the value of the US dollar, one of the biggest drivers of gold.

Gold Price Predictions Video 31.07.20

Underneath, the $1850 level most certainly will be supported, and I think a move towards that area would bring in a lot of value hunters. We are parabolic at the moment, so if you are buying gold here you are simply playing a dangerous game. Looking for value is absolutely paramount in this business, especially as we are approaching the crucial $2000 level. I do believe that eventually we break above $2000, but that does not mean we do it straightaway. With that being the case, I like the idea of buying dips, but we have not had a serious one in a couple of weeks.

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The uptrend line underneath is slicing through the $1850 level, just as the 20 day EMA is. This is a market that is running away, and these runaway markets almost always give a nice opportunity to pick up value sooner or later. You do not want to be the “back holder” in this market, because it has gotten so far ahead of itself that the pullback will almost certainly be brutal. However, shorting this market is essentially financial suicide.

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

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