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Christopher Lewis
Gold daily chart, December 31, 2018

The gold market broke above the top of the channel during the trading session on Thursday and tried to continue on Friday but gave back some of the gains. This shows a market that is ready to pull back just a bit, but I believe there are plenty of buyers underneath, especially near the $1250 level. Beyond that, there is also the 50 day EMA, which should offer support as well. Ultimately, I think that pullbacks offer plenty of value that you should be taken advantage of, as the Gold markets have shown signs of real strength as of late. Beyond that, the Federal Reserve has blinked and that could of course cause problems for goal going forward.

Gold Outlook Video 31.12.18

At this point, I think that we could go as high as $1400 over the longer-term, but it’s going to take a while to get there. I would add on dips, unless we break below the 50 day EMA, which would be a very bearish sign. I suspect that would take some type of change in attitude of markets in general to see this market break down significantly. I believe that the buying frenzy should start, and by the beginning of next year I would anticipate that gold should continue to show signs of a longer-term move. If we can break above the $1400 level, gold could really take off at that point. Expect volatility, but I think there’s plenty of opportunity coming.

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