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Christopher Lewis

Gold markets initially tried to rally early during the Asian Globex session, but then sold off quite drastically to slice through the 50 day EMA. Ultimately, the $1900 level is important, as it is an area that has offered support. That being said, if we break down below there then I think we open up the trapdoor to lower levels. I would be very interested in gold closer to the $1800 level, which of course is a large, round, psychologically significant figure as well, and of course an area where we have seen a lot of both support and resistance.

Gold Price Predictions Video 22.09.20

The 200 day EMA is starting to reach towards the $1800 level as well, so that might tie and quite nicely for a longer-term bounce and interest by the longer-term “buy-and-hold” crown. Clearly, there are a lot of risks out there that could influence gold longer term, so that I think sets up quite nicely. At this point, it does not look likely that the $1900 level holds, but we still have plenty of hours during the day to change things. I am simply going to wait for a daily close to get involved, because the selloff has been so brutal.

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With this being the case, I am looking for an opportunity to pick up gold for value, but I think we may have further to go so therefore I do not feel like there is a need to jump into the trade immediately. I like the idea of finding value based upon a daily close, so I will keep you up-to-date here at FX Empire.

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

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