Gold futures rose more than 1 percent on Friday as they approached a two-month high after central banks presented an outlook for moderate monetary policy. Meanwhile, an analyst said that gold could rise and announced his predictions. cryptocoin.com We examine James Hyerczyk’s analysis…
Analyst explained the levels that can be expected in the gold price
Gold held steady after a stronger-than-expected US labor market report was released, but quickly rebounded as traders realized the report was not strong enough to persuade Fed policymakers to change their tone on rate hikes before the next policy meeting in December. According to analyst James Hyerczyk, the main trend in gold chart technical analysis has regained upward momentum as buyers push gold to $1,815. Earlier in the week, sellers had taken it as low as $1,760.
Breaking the intraday high to $1,819 would suggest buying has strengthened, while a move towards $1,758 would change the underlying trend to the downside. On the short-term price outlook, the analyst says that if the market stays above $1,795, it is bullish. He says that this could mean a challenge to $1,828, indicating that an upside momentum can be seen. On the other hand, according to Hyerczyk, if gold fails to hold the $1,795 support, it could enter a certain range and return to $1,757 and $1,738 in the worst case.
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