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Christopher Lewis
Gold daily chart, July 26, 2019

Gold markets initially tried to rally during the trading session on Thursday but then gave back all of the gains as we went crashing into the uptrend line. At this point, the market looks as if it could break that uptrend line but I’m not overly concerned as I see a ton of support underneath. The $1400 level should be supportive, extending down to at least the $1390 level after that. Ultimately, this is a market that is very bullish, and therefore I think a short-term pullback probably makes quite a bit of sense and gives us an opportunity to pick up a bit of value.

Gold Outlook Video 26.07.19

Looking at this chart, I suspect that the 50 day EMA is going to go slamming into that support level as well, so it’s likely that the buyers could get involved. The alternate scenario of course is that we break above the should open the door to the $1450 level. A break above there could send this market towards the $1500 level, which I do think eventually happens. That being said though, it is a bit difficult to imagine a scenario where people are willing to jump in and buying a ton of gold ahead of the weekend. I think at this point a simple “wait-and-see attitude” is probably the best way to work this. All things being equal, I do like buying gold but I also recognize that it needs consolidate some of its gains before making the bigger move to the upside.

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