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Christopher Lewis

Gold markets gapped to open up the session on Thursday and then shot straight up in the air. We reached towards the top of the bearish candle from Tuesday, but then pulled back slightly midday. Ultimately, this is a market that is probably being used for safety more than anything else right now. I do believe in the longer-term uptrend in this market, but I also recognize that we have a lot of moving pieces right now that could cause quite a bit of trouble. Ultimately, this is a market that seems to be supported at the 50 day EMA, and now that we have broken above the neutral candlestick from the trading session on Wednesday it’s likely that we will try to keep breaking higher.

Gold Price Predictions Video 03.04.20

That being said, the jobs number could throw a lot of volatility in this market, meaning that you could get a significant pullback or explosion to the upside. At this point it’s a bit of a gamble in the short term but longer term it certainly looks as if we are going to go higher. A break above the $1700 level would be a very bullish sign and could send this market looking towards the $1800 level, and then eventually the $2000 level. I do think that buyers will continue to look for value. If we broke down below the neutral candlestick for the Wednesday session, that could send this market down towards the 200 day EMA where I suspect there would be even more buyers. Either way, I’m not interested in shorting this market.

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