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Christopher Lewis
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Gold

Gold markets gapped a little bit higher during the open on Thursday, then pulled back to find support underneath again. That being said, it looks like the market is ready to go to the upside, perhaps reaching towards the highs that we made a couple of days ago. This is essentially the $1950 level, and an area that has been important more than once. Looking at this chart, the 50 day EMA is starting to curl to the upside, and therefore I think that will also offer dynamic support right along with the previous downtrend line and the gap underneath.

Gold Price Predictions Video 08.01.21

The market breaking higher could open up the possibility of a move to the $2000 level, possibly even the $2100 level after that. The choppiness ahead will continue to be difficult to deal with, but I do believe that it is only a matter of time before we see buyers come in and try to pick this market up and perhaps even reach towards the highs at the $2100 level. I do think that it is only a matter of time before we see either a “safety bid” when it comes to gold, or perhaps fresh selling in the US dollar.

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In the short term though, we have seen the 10 year yields rise a bit, so that has caused a bit of issues in the gold market. I have no interest in shorting gold, at least not right now so at this point in time buying the dips should continue to be the mantra for most traders, myself included. Keep in mind that this could be very noisy and volatile.

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

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