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Christopher Lewis
Gold

Gold markets initially fell during the trading session on Tuesday but turned around to show signs of life again. By breaking above the $1800 level again, it does show a certain amount of resiliency in the buying pressure of this market and I do think that we ultimately continue higher. With that being the case, the market is likely to see a lot of volatility, but I do think that there will be plenty of value hunters out there willing to take advantage of any dip. After all, you would have to be completely clueless to think that gold is an anything other than an uptrend.

Gold Price Predictions Video 08.07.20

The $1750 level should continue to offer support, and most certainly the 50 day EMA will. The 50 day EMA is getting close to that same level, so the fact that it was a previous resistance barrier probably makes it the “floor” in the market right now. To the upside, I like the idea of reaching towards the $2000 level, but I also understand that it may take some time to get there. We have been held down quite a bit, so we may get a sudden rush higher, but the way that the market chewed through the highs during trading on Tuesday, I think we are probably looking at more of a squeeze higher than anything else.

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I have no interest in shorting this market, because quite frankly the central banks are going everything they can to kill fiat currency, and that of course will bode well for precious metals in general.

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

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