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Christopher Lewis
Gold

Gold markets have gapped higher to kick off the trading session and week on Monday, but then pulled back towards the $1775 level to fill that gap. It now appears as if the market is trying to find its footing and perhaps try to build up enough momentum to finally break out. One thing is for sure, we have definitely seen more of a shift to the upside as of late, and I think the breakout in gold is coming quicker than most people realize. With that in mind, I have no interest in shorting this market as I think there is plenty of support of levels between here and anything resembling a selling opportunity.

Gold Price Predictions Video 30.06.20

The $1750 level looks incredibly supportive, and therefore I would be more than interested in buying anything close to that. On the other hand, if we turn around and break above the $1800 level that is a clear buying signal as well, as it should open up the door to a move towards $2000. If we break down below the $1750 level, then it is likely would go looking towards the $1725 level, followed by the $1700 level.

All things being equal, I do not really have a scenario where I am willing to start shorting gold, although if we get some type of crash in the stock market we may see a rough couple of sessions as we have in the past when traders try to cover margin calls in other markets by selling profits. I look at that as an excellent opportunity to pick up gold on the cheap, but I am not looking for it to happen.

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

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