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Christopher Lewis

Gold markets have gone back and forth during the course of the trading session on Tuesday as we continue to hug the 200 day EMA region. I think at this point it is obvious that the market is at least trying to stabilize after a massive selloff, and it is worth noting that the previous candlestick was a bit of a perfect hammer. This suggests to me that we are certainly trying to hang on to the uptrend, and therefore it does make quite a bit of sense that we would continue to see a lot of choppy volatility, as traders try to catch our breath after the massive selloff.

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A lot of this comes down to the US dollar strengthening as of late, but it is more or less going to be thought of as a short-term bounce more than anything else. With that being the case, I would fully anticipate that gold will continue to grind higher, unless the interest rates in the 10 year note continue to rise.

Gold Price Predictions Video 13.01.21

Longer-term, gold is still going to continue to be a place where people put money to work, because quite frankly the central banks around the world continue to flood the markets with liquidity, and then should continue to work against the value of fiat currencies overall. Because of this, I think that we are looking at a scenario where the gold market is trying to sort itself out, but longer-term I still believe that we go looking much higher. Buying on the dips continues to work, but you need to do so somewhat slowly as volatility is going to continue to be a mainstay.

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

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