Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Christopher Lewis
Gold weekly chart, August 05, 2019

The gold market has broken to the upside and above the crucial $1450 level, an area that has offered a lot of resistance as of late. The fact that we are up here now, tells me that we are ready to take on the $1500 level, an area that should be psychologically and structurally important. If we can break above that level, then the market is likely to go much higher. At this point, I believe that the market is going to come back and find buyers on any dip that occurs. There is a serious “risk off” attitude out there right now, and I don’t think that’s going to change anytime soon.

Gold Outlook Video 05.08.19

While I do recognize that $1500 is going to be difficult to break above, I think it does happen given enough time. Quite frankly, there’s far too many things out there to spook the markets to think that we are going to break down suddenly. Quite frankly, I think gold has entered a larger and longer timeframe bullish run. The recent consolidation has made the market digest the parabolic move previously, and now it looks like we are going to see more of the same. At this point, I believe the $1400 level should offer significant support. Any support in that area should continue to see people being interested in buying.

If we did break down below the $1400 level, then the next support level is the $1350 level. Quite frankly, at this point I would be somewhat stunned to see that level gets broken. I have no interest in selling.

Please let us know what you think in the comments below

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.