Although the gold price fell at the beginning of the week we left behind, it started to recover towards the end of the week. So, in which direction will the trend be under the next week? cryptocoin.com We share the analysis of gold analyst Christopher Lewis…
Analyst: Gold price tries to approach $1,835
With the gold markets showing a significant recovery, analyst Christopher Lewis says that although we are currently testing the downtrend line, gold is trying to approach $ 1,835. A larger move could occur if the $1,835 level is reached. The analyst thinks that the gold price should be looked at in terms of momentum, as the Thursday and Friday session is too high; He states that if this momentum can continue, a serious breakout attempt should be seen.
On the other hand, if we reverse the break at the bottom of the weekday candlestick, he predicts that $1,700 lows will likely be seen. Lewis states that at this point, the market continues to be noisy and the momentum will drive gold prices. If we experience a breakout to the upside, it will most likely move quite quickly. Finally, the analyst says that it is worth noting that the US Dollar Index should of course be followed closely, as it has a significant negative correlation with the gold market. The ounce price of gold closed the week at $1,792 on Friday.
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