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Christopher Lewis

Gold markets initially pulled back a bit during the trading session on Tuesday, but then broke above the $1550 level to show signs of strengthening yet again. That being said, the market is still struggling to go higher as it’s obvious that we can have a pullback in the meantime. To the downside, the $1500 level should be massive support, and a large, round, psychologically significant figure. All things being equal, even if we were to break down below there, the market probably goes down to the $1450 level which is the top of the previous ascending triangle. That of course is an area that will continue to attract a certain amount of attention, as it was previous resistance and it should now be supported.

Price of Gold Video 04.09.19

To the upside, I believe the market could go to the $1600 level but I also recognize that precious metals in general have gotten a bit ahead of themselves. I would anticipate a couple of pullbacks between now and Friday, which of course is the jobs number coming out of the United States. That should be a determining factor as to where the overall attitude of markets go forward, and that could obviously have a knock on effect over here in the gold market. I have no interest in shorting, so I look at pullbacks as opportunities to pick up gold “on the cheap.” Ultimately, this is a market will continue to be very noisy but I certainly think how’s quite a bit of upward tilt underneath it.

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