Gold markets have pulled back from the 50 day EMA during the trading session on Wednesday as we are seen a little bit more “risk on” as people await the stimulus in the United States and of course the meeting between Ursula von der Leyen and Boris Johnson. Ultimately, this is a market that may have gotten a little bit stretched in the short term, but it does look like there will probably be a bit of support underneath and therefore that is what I am looking for. I am more than willing to pick up gold on the cheap, extending all the way down to the $1800 level. If we were to break down below there and perhaps the lows just underneath there, then we would have to be a bit concerned.
Gold Price Predictions Video 10.12.20
It does make sense that we would have a little bit of a pullback like we have had, because quite frankly markets cannot go up in the air forever. Just above, I anticipate that the $1900 level would be resistance, and if we can break above there then we could be looking for a move towards the $1950 level. After that, then of course we go looking towards $2000. I have no interest in shorting this market, I think that central banks flooding the markets with liquidity will continue to be a major problem, and therefore it is difficult to imagine that gold does not go higher over the longer term, and I have found that simply waiting for setups being the best way to go long instead of trying to jump all in right away.
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