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Christopher Lewis
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Gold

It is worth noting that gold has recently broken above a significant trend line, but since then we have essentially been stagnant. That should not be a huge surprise, as the market has looked at the overall move to the upside with a bit of suspicion. Remember, the market is likely to continue to see a lot of questions about gold up in this area, as we are approaching the $1900 level.

Gold Price Predictions Video 25.05.21

At this point in time, I think that if we were to pull back, the $1850 level could come into the picture, just as the previous downtrend line code. After that, then we have the “golden cross” that is sitting at the $1800 level. All things been equal, this is a market that I think continues to see noisy behavior, but I do like the idea of gold over the longer term. Remember, inflation is coming and that could continue to push gold higher, and it clearly has made a huge shift in its momentum.

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All things been equal, pullback should be buying opportunities unless of course we get below that $1800 level. If we break down below there, then the market could go down towards the double bottom underneath, although I do not think that is the likely outcome. More likely than that, I anticipate that we will eventually get towards the $2100 level, but we need to see the US dollar start to lose strength yet again, which I do think that a lot of Forex traders are starting to suggest will be a longer-term move over the rest of the year. Whether or not we can break above $2100 might be a completely different question altogether.

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

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