Gold markets are struggling to stay consolidated, according to the analyst. Gold markets rallied a little to stay consolidated during Tuesday’s trading session and hovered around the $1775 level. Detail cryptocoin.com‘in.
Will gold consolidate?
Gold markets initially fell during trading on Tuesday, but found enough buyers for gold to pick things up a bit. By doing this, it looks like gold is trying to stay in the consolidation it has been in for a while. However, this is a level that will likely continue to see a lot of downside pressure, especially just above the $1800 level. The $1800 level was important for a number of reasons, according to analyst Christopher Lewis, so it shouldn’t come as a big surprise to see that it could offer some resistance. Looking at the metrics, the 50-day EMA is starting to slide just below the $1800 level where the 200-days EMA is also sitting. This is known as a “death cross”, which is a longer term negative signal.
According to the analyst, if we can push the $1820 level, then it is possible for us to go much higher, perhaps reaching the $1875 level. Anything above becomes more or less a ‘buy and hold’ market. But the analyst doesn’t see that happening anytime soon. The US dollar is strengthening and this of course works against the value of the gold market, but at the same time, the actual rates will matter. Analyst says:
If we break below the $1760 level, we could look to the next level of $1725, which was previously support. After that, we could see a move up to the $1680 level. Anything below it would be disastrous for gold and make it a much lower jolt. Still, as we continue to trade back and forth in this overall environment, I don’t think any of these extreme scenarios will happen.
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. For this reason, 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, asset or service 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.