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Christopher Lewis

Gold markets did very little during the trading session on Tuesday, sitting around the $1885 level. This is an area that of course will continue to be interesting as we have seen the market bounce around here for the last couple of days. At this point in time, the $1900 level above is resistance and the 50 day EMA sitting there of course adds a bit to that opportunity as well. Because of this, I think it is only a matter of time before we test that area again, but if we break above it then that could be a nice buying opportunity.

Gold Price Predictions Video 18.11.20

On the other hand, if we do pull back a bit from here then I think there is plenty of support near the $1850 level, an area that has been crucial for some time, and the beginning of massive support all the way down to the $1800 level. What I like about the $1800 level is that the 200 day EMA sits right there and the $1800 level was an area we broke out from to send the market higher. Ultimately, this is a market that I think continues to see a lot of interest, but it comes down to the longer term, I do think that it is only a matter of time before people start to invest in gold again due to central bank tinkering when it comes to liquidity. Ultimately, the market is likely to see more of a “buy on the dips” mentality. To the upside, the $1960 level has been significant resistance, just as the $2000 level has been.

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

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