Christopher Lewis
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Gold daily chart, November 20, 2019

Gold markets went back and forth during the trading session on Tuesday, as we continue to show a lot of volatility and sideways action. I think at this point we are trying to determine whether or not the $1450 level will in fact offer enough support to keep the market afloat, and if it does is very likely that the market will go looking towards the 50 day EMA above as a potential target, and then something to break through. If it does, then the $1500 level comes in the focus which of course is a large, round, psychologically significant figure. At this point, I suspect that the market will continue to offer plenty of buying opportunities on dips, as we have clearly seen a lot of support come into play.

Gold Price Predictions Video 20.11.19

This doesn’t mean that it will be easy to go higher, just that there are a lot of potential headwinds out there to the economy and geopolitical forces that could send gold much higher based upon the fear trade or just simple central bank easing. At this point, it looks as if gold has found a bit about bottom for the short term, and that we should see buyers continue to step in on dips. If and when they do, I’ll be there to pick up value in small bits and pieces as I think building a core position is probably the best way to go, and certainly likely to be very profitable over the next couple of years.

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