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Christopher Lewis
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Comex Gold

Gold markets have initially fallen a bit during the trading session on Monday, to reach down towards the $1850 level. That is an area that has been important more than once, as it was not only support over the last couple of weeks but has also been significant resistance previously. Because of this, the market seems to offer quite a bit of “market memory” on display, as it was important more than once. The 50 day EMA is starting a resource $1850 level as well, so that of course should add more credence to the idea of the area holding.

Gold Price Predictions Video 15.06.21

After that, we have a downtrend line that continues to be important, so getting through all of that obviously would be very negative. On the other side of the ledger, you can point out that a couple of weeks ago we formed a “golden cross”, but unfortunately the indicator does tend to be a bit late, so we will have to wait and see whether or not it sticks.

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To the upside, if we can break above the last couple of weeks, then it is likely that we could go looking towards the $1950 level, which has seen significant resistance in the past. If we can break above there, then it is likely that the market could go looking towards the $2100 level. Obviously, it would take a while to get all the way there, but that could be the longer-term play. On the other hand, if we break down below the 200 day EMA, then we could break down rather significantly. Pay attention to bond yields in America, because if they turn around a start to rise, that could be very bad for gold.

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

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