Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Christopher Lewis

Gold markets have rallied significantly during the course of the week, touching the $2000 level. That level has caused a significant amount of resistance on short-term charts, as Friday started to see sellers get involved to take profits. I think at this point we are likely to see a pullback from here and eventually value hunting again. However, the market cannot go straight up in the air forever, so we need to be cautious, but I also recognize that looking for some type of pullback is the only way to trade this market. The Federal Reserve of course continues to show signs of flooding the market with greenbacks, and that could continue to push the gold market higher.

Gold Price Predictions Video 03.08.20

Longer-term, I think that gold goes much higher, perhaps as high as $3000 but obviously we need to take a bit of a break here in order to build up the necessary momentum. There will be a lot of “FOMO” out there as quite a few traders have missed this move. Regardless, only the foolhardy would jump in and start selling, because quite frankly this is a market that is extraordinarily bullish, and therefore a simple bit of patience could go long way in order to find value that will be extraordinarily profitable. I believe that volatility is coming, but that should offer plenty of opportunity if you can recognize it. You will probably need to look on the daily chart in order to take advantage of it though. Again, selling is not an option.

Know where Gold is headed? Take advantage now with 

75% of retail CFD investors lose money

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

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.