According to market analyst Christopher Lewis, gold markets rose slightly on Tuesday, but stays in range and it looks like it will last forever. The analyst thinks it will be interesting to see what happens to the gold until he gets some sort of final decision from the Treasury market. According to analyst David Becker, gold prices consolidated as the dollar index boomed, and since gold prices are quoted in dollars, a stronger dollar often leads to lower gold prices. cryptocoin.com We have compiled the evaluations and analyzes of analysts for you.
“Below $1,750 level likely leads to $1,680 level”
As a result, analyst Christopher Lewis states that interest rates have a huge impact on what happens in the precious metals market, especially gold prices. At this point, the $1,750 level seems to continue to offer significant resistance, but it is worth noting that there has been a lot of noise in the market due to the fact that the supply chain has spoiled the overall economic outlook.
Christopher Lewis says it’s hard to imagine a scenario in which gold trading would be easy with worldwide interest rate noise, but he clearly sees another attempt to rise to the top of the range during the day.
Whether we can break the upside or not is a completely different scenario, and at this point the above 50-day EMA continues to offer significant resistance. The broken market there could of course be a bullish sign. Perhaps it could open up the possibility of a move towards the 200-days EMA, which is just below the $1,800 level. Below, if we break significantly below the $1,750 level, we will likely look towards the $1,680 level. This is an area that has had major support more than once, and in the longer term there may be some market floor.
Gold prices technical analysis
Despite the rise in the dollar, gold prices rose. According to analyst David Becker, resistance is seen near the 50-day moving average at 1,777, while support is seen near the 10-year moving average at $1,756. David Becker continues his analysis as follows:
The short-term momentum is positive as the fast stochastic recently formed a cross-bought signal. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index creates a cross-bought signal. This happens when the MACD line (12-day moving average minus the 26-day moving average) crosses above the MACD signal line (9-day moving average of the MACD line). The MACD histogram is printing in positive territory with an upward sloping trajectory pointing to higher prices.
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, 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.