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Christopher Lewis

Gold markets initially dipped during the trading session on Thursday but bounced enough to show the $1850 level as being somewhat supportive. Because of this, I think that we may get a short-term bounce. I believe that the $1900 level will probably offer resistance, and if we can get a daily close above the 50 day EMA I would be very interested in going long again. Having said all of that, I also recognize that we still are not at a major support level, so I fully anticipate that gold will go looking towards the $1800 level given enough time. It is at the $1800 level that I become very interested in buying gold, because I believe that the proximity of the 200 day EMA and the previous trading action in this area should continue to attract a lot of attention.

Gold Price Predictions Video 25.09.20

Gold will continue to move with risk appetite around the world, so that is worth paying attention to. The US dollar strength has caused a lot of problems in the gold market, but I think that longer-term people will focus on the central banks again, and therefore gold should continue to be something that people by, even if it is in other currencies. All things being equal, I believe it is only a matter of time before we go looking to the upside, but I am not completely convinced that we have found the bottom quite yet. A little bit of patience could go long way and is advised because quite frankly there is no need to be early on this trade, as it is in a longer term uptrend and therefore, we can pick our spots.

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

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