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Christopher Lewis
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Gold markets have gone back and forth during the course of the week as we continue to dance around the 50 week EMA. The $1800 level of course is crucial as well, so it is worth paying close attention to as the market is trying to figure out where we are going next. The candlestick of course is somewhat neutral, and as a result there seems to be a bit of confusion at this point. The gold markets of course are sensitive to the US dollar and of course the interest rates coming out the United States.

Gold Price Predictions Video 26.07.21

The $1750 level underneath is an area that a lot of people have paid close attention to as we have bounced from. The market had also formed a little bit of a double bottom underneath at the $1680 level. I think that might be a target if we do get a little bit of downward pressure. On the other hand, if we were to turn around and break above the top of the shooting star from the previous week, it could open up the possibility of a move higher. In general, this is a market that continues to see a lot of noisy behavior.

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Looking at this chart, I think we are on the verge of something bigger, but it may be later in the summer as this is typically very quiet time of year for a lot of different markets. Even though we have seen a massive commodity boom in general, gold has lagged as we are trying to figure out that whole “inflation/deflation debate” that is going on around the world right now.

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

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