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Christopher Lewis

Gold markets have gone back and forth during the trading session initially on Tuesday, testing the $1900 level where buyers stepped back into the market to pick it up. As we await the Jerome Powell speech in front of Congress, we could see a bit of volatility but ultimately it certainly looks as if this is an area that is crucial, so give it enough time I think that we will find buyers. However, if we were to break down below the $1900 level, I think at that point we are very likely to see some type of massive support closer to the $1800 level.

Gold Price Predictions Video 23.09.20

In the scenario of a breakdown, I am not looking to short gold, rather I would be looking to buy it at that lower level because it was the scene of a major breakout and the scene of previous support and resistance. Ultimately, I do believe that the gold uptrend continues due to central bank liquidity measures and of course a lot of the fear out there when it comes to global economies. With the massive amount of debt and stimulus going around the world, it does make sense that people will be looking to protect their wealth with gold, which is what it is essentially designed to do.

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Pullbacks are buying opportunities, but the question now is whether or not the pullback is going to be significant enough to get people excited? At this point, I do believe that we will eventually go looking towards the $2000 level but need to be cautious about the position size.

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

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