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Christopher Lewis
Gold

Gold markets have rallied a bit during the trading session during the electronic session, but liquidity would have been a serious problem as Americans were celebrating Thanksgiving, thereby huge portions of players were even in the market. That being said, gold is sitting at the 200 day EMA, which of course attracts a lot of longer-term attention. Furthermore, the $1800 level was an area where we broke out from previously, but we have pulled back to that area now to finally test it again to see if “market memory” comes into play.

Gold Price Predictions Video 27.11.20

At this point, if we rally from there it is likely that the market goes looking towards the $1850 level, possibly even further. On the other hand, if we were to turn around and close significantly below the 200 day EMA, that could be very negative for the gold market, perhaps opening up a move down to the $1700 level. Ultimately, this is a market that is more of a longer-term investment, so you should be cautious about putting a lot of money into the market.

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This is one of those things that are longer-term investments just waiting to happen, and we certainly have found a bit of value in this area. I believe that this comes down to central banks and the liquidity measures around the world, so that should continue to favor gold going higher over the longer term. Nonetheless, this is a market that is starting to attract some attention so will have to see how it comes down to whether it is a reaction to central banks, or perhaps some type of safety rally.

Recently, we have seen people step out on the risk spectrum, and that means that they are starting to cash in some of the gold gains. However, longer term but still has plenty of fundamental reasons to rally.

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

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