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

Gold markets rallied rather significantly during the trading week, reaching towards the $1960 level. That is an area where we have seen a lot of supply so it should not be a huge surprise that we have stopped in that general vicinity. We are closing towards the top of the weekly candlestick though, so what I look at this market through the prism of is bullishness. This does not mean that we cannot pull back a bit, and quite frankly I think we will eventually.

Gold Price Predictions Video 09.11.20

If we can break above the top of the candlestick, I would anticipate that the market probably goes looking towards the $2000 level, which of course is a large, round, psychologically significant figure that will attract a lot of attention. In the short term though, I believe that the market is probably looking to have a short-term pullback, if for no other reason than the fact that the US dollar is oversold. I would be looking to buy gold on a dip, because longer term it should continue to go much higher. With that being the case, I like the idea of taking advantage of “sheet-metal”, in both the gold and the silver markets as central banks around the world will continue to flood the markets with liquidity and try to kill their respective currencies.

Know where Gold is headed? Take advantage now with 

75% of retail CFD investors lose money

In fact, I like gold in almost any currency, not just the US dollar. That being said, we cannot go straight up in the air forever, and as gold is concerned it becomes more of a significant investment that a trade from what I see. I believe the $1800 level underneath is massive support and essentially the “floor the market.”

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.