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Christopher Lewis
Gold daily chart, September 05, 2019

Gold markets initially fell during trading on Wednesday but found enough support underneath the $1550 level to turn traders back bullish again. At this point, I think that this market will eventually continue to go higher but given enough time I suspect that we do need to see some type of pullback. A lot of this is driven by fear and greed, and although this trend has been reasonable as of late, the reality is that silver markets are overbought and parabolic. Because of that, I think there will be some negative pressure sooner or later. That should bring buyers back into the fold closer to the $1500 level, an area that has been significant support and resistance. I do think that there would be plenty of buyers in that area to pick this market back up.

Gold Price Forecast Video 05.09.19

This is especially true considering that the 50 day EMA is reaching towards the $1500 level and should attract a certain amount of interest in that region. I like the idea of buying down at that level if we can get both working at the same time, but I also recognize that the $1450 level underneath is rather supportive as well, as it was the top of an ascending triangle that previously sent this market so much higher. At this point, I don’t have any interest in shorting Gold I think it’s being driven by central banks around the world easing monetary policy, and I think it should continue to work as long as there are plenty of geopolitical issues out there as well.

Please let us know what you think in the comments below

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