According to analyst Christopher Lewis, gold markets have fallen throughout this week as we continue to fluctuate in the volatile market. However, the analyst says it is likely that the market will continue to see more volatility and a lack of direction. According to analyst David Becker, the gold price fell on Friday, but remained below key resistance levels. Two analysts’ forecasts and analysis for the weekly gold price outlook. cryptocoin.com we have compiled for you.
Christopher Lewis: I’ll stay on the sidelines until the market says where it wants to go
Gold markets were down during the week and advanced towards the $1,775 level. According to analyst Christopher Lewis, this is a supportive area more than once, so it shouldn’t be too surprising for it to bounce back from there. As such, the analyst says that it is highly likely that we will see absurd and volatile behavior due to the fact that gold is nowhere in general, and makes the following assessment:
If we can break above the most recent highs of $1,835, you could present an argument for gold to make a bigger move. I wouldn’t hold my breath until then, because we’ve spent the last few months walking around in tight consolidation.
For this reason, Christopher Lewis thinks this should be viewed through the prism of the side market, without any real belief, and continues his analysis by pointing to the following levels:
If we break below the $1,775 level, a move towards the massive floor at $1,680 is possible. On the other hand, if we can climb above the $1,835 level, then we can continue to look at $1,900. By the way, when it comes to long-term traders, this is a market you should probably avoid. Because at this point, there is absolutely nothing real when it comes to a trend. This makes profit very difficult for long-term traders. However, I’m a little hesitant about going “all in”, so I’ll just stand aside until the market tells me where it wants to go.
“Although the price of gold fell, it managed to stay buoyed”
U.S. producer prices rose more than expected in July, according to data from the U.S. Department of Labor. Producer price index (PPI) was 1% last month after 1% increase in June. Expectations were for PPI to increase by 0.6%. In the 12 months to July, the PPI rose 7.8%, a record high since it was introduced nearly a decade ago.
Market analyst David Becker notes that the price of gold fell on Friday, but remained below key resistance levels, and said that the yellow metal managed to stay buoyant (not sinking) despite a rally in the Greenback. Meanwhile, the US PPI came in stronger than expected. This, in turn, helped raise interest rates and boost the dollar. Pointing out that gold prices are consolidating and moving downwards, David Becker makes the following analysis:
Prices settled below resistance seen near the 50-day moving average at 1.797. Additional resistance is seen near the 10-day moving average at 1,809. Target support is seen at the August low of 1.672. The short-term momentum reversed and turned negative as the rapid stochastic created a cross-sell signal. Medium-term momentum turned negative as the MACD (moving average convergence divergence) index created a cross-sell signal. This sell signal occurs when the MACD line (12-day moving average minus the 26-day moving average) falls below the MACD signal line (9-day moving average of the MACD line).
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