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Christopher Lewis

Gold markets initially gapped higher to kick off the week, then pulled back to fill the gap in order to go higher. Ultimately, this is a market that I think goes looking towards the $1800 level which is a major resistance barrier. The $1800 level being broken to the upside would be a very bullish sign though, and in the meantime, I think that buying short-term dips probably works out best for most traders. After all, there are plenty of reasons to think that traders may be looking for safety out there, and that of course could drive up the value of gold to take off.

Gold Price Predictions Video 23.06.20

Looking at this chart, the 50 day EMA underneath could offer quite a bit of support as well if we did pullback. If we pulled back significantly, I think that would be plenty of value hunters trying to get involved because it is obvious that gold simply will not rollover. With that being the case, I like the idea of buying gold on dips and therefore do think that it is only a matter of time before we find plenty of reasons to be long of the market.

Ultimately, there are a lot of concerns when it comes to global growth in the coronavirus figures, but quite frankly stock markets are a bit overcooked, and I think it is only a matter of time before we see a bit of a “risk off” move over there as well. Based upon the rectangle, we could be looking at a move all the way to $1850, and then eventually the $2000 level.

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

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