 Good morning and welcome to the chart of the week video with me, David Madden. Today's date is Thursday, the 9th of July 2020 and the time has just gone 10, 12 British summertime. And this week's chart of the week is gold. Gold has been in a nice upper trend the last few weeks. Only yesterday it hit its highest level since September 2011. So I'll give you an indication of just how bullish the market actually is. We're currently trading in around 18-14. If the kind of wider kind of bullish trend continues on from here, we could be looking at targeting 18-28, 18-62. But keep in mind if you do see any pullbacks, we might see some fresh buyers enter the fold because in the last few weeks buying the dip in gold has been a fairly popular strategy with traders. So if you pull back from the current levels and we do drop back below 1800, it could put this zone on the map. The kind of 1770 area, if you move below that, it could head down toward this zone here, the lows of late June in around 1774. And if you go below that, we could head back down towards this line here, the 50 moving average in at 1736. Notice how the 50 moving average acted nicely as support on a few occasions in the middle of June. And if a metric has been important in the past, it makes it more likely it would be important in the future, although there are no guarantees. If you are going to be trading the gold market or any of the metals, keep in mind what's going on with the US dollar. One of the reasons our gold has done well recently is because of the weakness in the greenback. Gold is trading US dollars, so any weakness in the US dollar makes it relatively cheaper to buy gold. So we can see here since the end of June, we can see the gold, the US dollar has been pushing lower. In fact, today, the US dollar index fell to its lowest level in nearly a month. So there's no coincidence that the greenback is in decline and the gold market is rising. That's one of the reasons why we're seeing a decent move to the upside in gold. Another reason for the upside in gold is down to the old flight equality factor. There are persistent fears in relation to the health crisis, particularly what's going on with the US stock markets in Europe and say the Dow in the US and the S&P 500 in the US. They haven't retested their highs of early to mid-June. And the reason for that is because there are fears about the health crisis, particularly in relation to certain US states posting record daily increases. So with that, we've seen in the last few weeks, effectively funds being directed out of stock markets into gold. And also, finally, one of the reasons why gold has also done so well is that it's a hedge against inflation. Now, demand is quite low at the moment, but given all the rounds of excessive fiscal stimulus and monetary policy stimulus from governments and central banks around the globe, there are some economists who are fearful that we could be in for a big bout of inflation in the next few months. And with that, we are seeing some traders buying gold now in anticipation of or fearful that we could see a jump in inflation in the next few months or a year. If you are trading gold or the US dollar or any of the markets, to be honest today, keep in mind at 1330 bird of summertime, we have the US jobless claims and the US continuing claims announcement, which could act, which could inject some volatility into the markets. Stay safe. Have a good trading week and good luck.