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Gold Forecast: Continues to Look Rangebound

  • In my daily gold analysis, I cannot help but notice that we are struggling a bit to go higher.
  • With that being the case, I think you've got a situation where the market is going to continue to be very noisy.
  • But at the same time, you have a situation where traders are going to continue to see this as a market that eventually should break higher.

After all, the gold markets have plenty of reasons to go higher, not the least of which would be geopolitical. But you also have to pay attention to the fact that interest rates could be cut by several banks. And of course, the market will have to pay attention to whether or not geopolitics causes people to start running for safety, because that is a very real possibility. The central banks around the world are hoarding gold at the moment so I do think given enough time gold markets do end up being very attractive and ultimately if we can break above the $2,400 level then it allows this market to go much higher.

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    In general, I would expect noise and if we do break down from here, I think you've got a situation where the markets remain buy on the dip. And I think the buy on the dip scenario continues to be the way forward. It's really not until we break down below the $2,280 level that I think you could have a deeper correction. But really at that juncture, I'm just waiting for gold to drop down toward the 200-day EMA, where I would expect to see even more interest. This is a market that I have no interest in selling anytime soon.

    Longer-Term Outlook

    Gold Forecast Today 10/7: Looks Rangebound (graph)

    The longer-term outlook for this market is that we will continue to see a lot of noise, but in the end, I think this is a market that won’t sell off anytime soon. This set up is a situation where the need for safety and wealth preservation could be a major factor in the mind’s of traders soon.

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    Christopher Lewis
    About Christopher Lewis

    Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.

     

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