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Christopher Lewis

Gold markets have pulled back just a bit during the Friday session, reaching down towards the $1750 level. We have seen buyers in that area to come back into play, and it looks like we may end up forming a bit of a hammer. At this point, the market should then go to the $1800 level, and then perhaps even higher than that. If we can break above the $1800 level, then it is likely that we go much higher, perhaps reaching towards the $2000 level. That being said, even if we were to break down below the $1750 level, the market is likely to go looking towards the 50 day EMA underneath. It currently sits near the $1720 level.

Gold Price Predictions Video 29.06.20

Even if we break down below there, it is likely that the market is going to go looking towards the $1700 level. The $1700 level begins significant support down to the $1675 level. In other words, this is a market that I think continues to see plenty of buying pressure underneath there, so therefore I think we are simply looking at an opportunity to buy gold “on the cheap” if we do in fact get down there. I do not have any interest in selling though; at this point it is likely that we simply go higher over the longer term regardless of what happens next. After all, the central banks around the world continue to flood the markets with currency, and that of course devalues them in relative terms to hard assets such as gold, silver, and other commodities.

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

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