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Christopher Lewis
Gold daily chart, August 09, 2019

Gold markets went back and forth during the trading session on Thursday, dancing around the $1500 level. That’s an area that of course will attract a lot of attention due to the fact that it is a large, round, psychologically significant whole number. With this, a lot of institutions and perhaps even more importantly, options traders will be paying attention. I believe that ultimately this is a market that will probably show signs of a pullback, but I do believe that there is a massive amount of support underneath, especially around the $1450 level.

Gold Price Predictions Video 08.08.19

That’s an area that was the top of a descending triangle, and we have fulfilled the measured move from that ascending triangle so I expect a pullback. That doesn’t mean that anything has changed fundamentally, just that market participants continue to look for value when they get the opportunity. Value would be represented from slightly lower prices, so pay attention to that and take advantage of it.

Even if we do get a pullback, the reality is that we should continue to see a lot of concern when it comes to central banks around the world cutting interest rates simultaneously, and of course lose money drives up the demand for so-called “hard money” such as precious metals. With this, it makes sense we pull back from the $1500 level from a psychological standpoint as well, so I look at this as a potential opportunity at lower levels.

Please let us know what you think in the comments below

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