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Christopher Lewis

Gold markets have bounced from the 50 week EMA during the past week, as we are starting to see value hunters come back into the marketplace. Central banks around the world continue to flood the markets with liquidity and then of course makes the idea of owning hard assets such as gold very appealing. Furthermore, gold is priced in US dollars, at least in the futures market, so ultimately that should continue to be a catalyst as well.

Gold Price Predictions Video 07.12.20

The 38.2% Fibonacci retracement level sits just below, and it should be noted that we recaptured the $1800 level. That of course is a large, round, psychologically significant figure and therefore a certain amount of attention will be paid attention to it. Even if we break down below there, the market could find even more support closer to the $1700 level. All things being equal, this is a market that has plenty of buyers underneath and I do think that we continue to go towards the highs again. The $2100 level was the longer-term high, and it is possible that we could be moving in that direction. It does not mean that we get there tomorrow, but it seems as if that is the longer-term target.

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The gold markets will continue to be volatile, but if you can keep your position relatively reasonable as far as size is concerned, that can be reason enough to be able to hang on to this as more of an investment instead of a short-term trade. I have no interest in shorting this market regardless.

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

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