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Gold Forecast: Sees Massive Volatility

By Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
  • During my daily analysis of markets around the world, the gold market is one of the first ones that I have run to, as I see the headlines coming out the United States that the tariffs on Canada and Mexico are heading into effect.
  • The 25% tariffs on those countries in the 10% tariff on China because so much chaos in the early part of the session that it looked like gold was going to completely collapse.

Gold Forecast Today 04/02: Sees Massive Volatility (graph)

However, it’s worth noting that the main reason for selling gold was that people were trying to raise liquidity to cover other massive selloff positions that they may have been trapped in. That being said, it’s also worth noting that the US dollar strengthening would obviously have a negative effect on a market that had shot straight up in the air. With that being said, I think this is a market that will continue to see a lot of noise, but I think over the longer term it makes a lot of sense that gold will go higher.

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Patience is the key

Patience will be the key in this market, as we are in a strong uptrend, but ultimately, I don’t think that we have a situation where you are going to see it go parabolic immediately. I think you have a situation where it’s just going to be a steady and grinding type of move to the upside. With this being the case, the market will be paying close attention to the $2800 level, which is a large, round, psychologically significant figure and an area that we have seen a lot of traders out there getting excited that we made a fresh, new high. I think we will continue to do exactly that, but I also recognize that it is only a matter of time before we go looking at the $3000 level above. I have no interest in shorting gold, and I do think that it continues to be “buy on the dips.”

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Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

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