Gold price COMMODITY REPORT: Gold Price Forecast: 21 July 2020
High is trading at 1 840 us dollars per ounce. Silver prices have just breached 21 per ounce trading. Now above four year high, so it’s been a phenomenal week here. For the metals as we’ve mentioned before, if you’re not making money in the markets at the moment, you absolutely should be i’m sure nobody watching this video has been caught on the wrong side of those positions. If you follow us at the golden silver club, if you watch the week ahead commodity report, you go back and watch previous gold and silver asset of the day. We’Ve been talking about this move for a while, where silva has been a sleeping giant and that typically silver prices they catch up to the breakouts that we’ve seen here with gold gold trading at nine year highs the gold silver ratio breaking out to the highest levels. Ever earlier on this year, just provided a fantastic set up there for a reversion to the meme for silver prices to catch up to gold, something we’ve highlighted for you multiple times, not only that platinum. Of course, we went into detail on this on the week ahead. Commodity report also last week to be a buyer between that 800 up towards that 830 us dollar per ounce level. Last week on platinum, we banked 300 points over two trades. Just now about 30 minutes ago, we banked 650 points, profit on platinum, we’re, keeping the remainder of the trade running platinum has just broken above 900 per ounce and we’ve banked.
Also our gold position too. So, where we’re looking right now between now and the rest of the week here, we’ve already seen some phenomenal moves and it’s only tuesday and again. This is where many technical traders at the moment they’re either taking a break they’re missing a lot of the big moves that we’re, seeing in the markets right now, they’re getting chopped up or they’re just seeing the markets as too overbought to buy platinum or gold or Silver, so they missed the entire move because they’re using outdated technical indicators which just don’t work. So this is where you want to be utilizing the approach in the market the same that the hedge funds, the money managers utilize. You want to know what their positioning is. Their overall bias the framework that they’re operating from you want to be very aware, of course, central bank narratives. What we’re, seeing in terms of stimulus at the moment from the european central bank, and also the federal reserve, which is all providing this fantastic backdrop to much higher prices of the precious metals which we are seeing at the moment so well done to everybody. Who’S just capitalized on these large moves. Now it is interesting in terms of positioning that we’re, seeing this week, hedge funds and money managers increase their net longs on silver. In the latest week, significantly, gold have actually seen a slight trimming of positions, and this has been evidenced by the fact that this week, platinum has moved double the amount of points that gold has.
The platinum has moved 650 points since friday, whereas gold has only moved 325 points since fridays and silver, of course, has broken out to four year highs, but we are seeing more significant positioning into silver versus gold right now over the course of this week. I have been anticipating resistance to be coming in at the levels that we’ve just tapped today, so we’ve seen a breakout up towards 900 per ounce for platinum but i’m keeping some exposure here. I want to see whether we can in fact clear above these levels, we’ve also hit a magnetic level here for gold, which is at 1 840 us dollars per ounce. So we want to observe how the price reacts to that level if it breaks and closes above that go out to the monthly chart, and you will see where we’re then on track for the highest close for the week and of course, the month as well. Previous times, when gold has broken out to 1900 1 900 per ounce, it’s spiked up to those levels but it’s not been able to close above it. So if we get a strong close this week above 1830 to 1840, this can set up for more significant upside going to next week and beyond or we’re, going to see the price start to consolidate around that level. We may see a retest back towards key levels of support again that magnetic level of 1800, as i mentioned before, you really want to be capitalizing on these shallow pullbacks at the moment, with gold looking to buy in, we bought in again on the european central bank Announcement on thursday, we bought into both gold on the dip and also platinum, and, of course the rest is history.
There we banked over 650 points there on platinum, just today, gold with banks as well. So we are now looking to see how the price actually will develop between now and the end of the week, but already it’s been a tremendous start here to this week. The next big major news item you want to have on your radar is next week’s. Fomc statement that will be next wednesday at seven o’clock london time. Historically, that is a major driver and catalyst for gold, silver, platinum, the us dollar and also can have an impact on energy prices as well, which we’ll talk you through on oil asset of the day. It will also go through the gold silver ratio on silver asset of the day as well. So, if you’re not making money in these markets right now, where i believe you absolutely should be – and you would like to get more edge in the markets – learn a research driven approach where you are trading the same way that the hedge funds, the money managers, doing The markets you’re not doing what most retail traders are doing, which is selling short into the metals or they’re missing the whole trade they’re, seeing the markets as being overbought, and they just keep trying to sell into these rallies and get chopped up. You definitely don’t want to do that.