Gold markets slumped over the week to hit the $1,700 level. It also threatens a major support level at this point, according to market analyst Christopher Lewis. Market expert Islam Memiş said, “Gold did not fall into its original form…” and shared his predictions. We have compiled Christopher Lewis’ gold technical analysis and Islam Memiş’s comments for our readers.
“Gold still has a chance of recovery”
Gold markets again fell significantly during the trading week as it threatened the $1,700 level. The $1,700 level is the lower part of the larger consolidation area. So it’s an area where we’re seeing a lot of noise as it hangs around the 200-Week EMA. All in all, this is a market that I think will pay a lot of attention to this area. There’s still a chance for gold to rally as long as we continue to see the area holding up.
That being said, it’s all about the US dollar and interest rates in America. If they both continue to climb, it’s only a matter of time before the gold breaks. On the other hand, if the US dollar pulls back a little, it is likely to give gold some recovery opportunity. However, I won’t really be affected by any rally until I get above the $1,800 level. At this point, we can start looking up for a bigger move.
Once it breaks below the $1,700 level, it is possible for it to lose a few hundred dollars pretty quickly. However, we will have to be very careful with this market. But I think the most likely outcome will be some rally that leaves the momentum. In other words, I continue to look at it as a “fade the rallies” kind of market. But at this point we have exaggerated a bit and therefore you need to take a step back.
Gram gold did not actually fall!
Market expert İslam Memiş commented on the developments in the markets and shared his predictions in the program he attended. The expert especially focused on the decline in the Euro/Dollar parity. cryptocoin.comAs you can follow, the parity even saw below the 1.00 level. Right now, it’s slightly above the equation. Memiş said, “The equalization of the dollar and the euro these days actually brings the importance of parity to the agenda”. The expert said that it is possible for investors with dollars later to turn this equalization into ‘advantage’. Thinking that the parity will go to 1.06 levels in the future, Memiş made the following statement:
“There are those who have dollars but say, “I want to buy gold and silver.” They can buy gram gold directly with dollars. However, if you want to convert it to TL, there is a difference, you lose. DXY also has foam pricing. In fact, the TL price of gram gold is in the range of 980 – 988 liras. Gram gold did not actually fall, it looks like it is going down.”
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. Therefore, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.