Gold prices are trading above $1,750 with no clear direction. According to analyst James Hyerczyk, the short-term direction of gold prices will be determined as investors react to the pullback zone between $1,757.40 and $1,738.60. cryptocoin.com We have compiled the levels determined by the analyst for you, let’s examine them together…
Analyst James Hyerczyk: The main trend for gold prices is down!
Gold prices are now trading at lower levels, but retaining the previous session’s low. On Thursday and Friday, the market slumped to its lowest level since Aug.
Yields on 10-year U.S. Treasury bonds hit their highest level since July 14. Any increase in returns increases the cost of holding non-returning assets such as bullion. Also, a rising US dollar will increase the cost of gold for buyers holding other currencies. The Fed’s policy-making committee will meet next Tuesday and Wednesday. These dates are critical to gold prices and therefore should be followed carefully. Analyst James Hyerczyk states that the main trend for gold is bearish and lists the levels:
According to the daily swing chart, the main trend is bearish. A trade at $1,745.50 will mark the resumption of the downtrend. A move towards $1,810.60 will turn the main trend up. The short-term range is between $1,677 and $1,836. The market is currently testing the retracement zone between $1,757 and $1,738. Investors’ reaction to this region is likely to determine the near-term direction of the market. Additional support lies at the long-term Fibonacci level at $1,716. The minor range is $1,810 to $1,745.50. $1,778 is the closest upside target. It is followed by the major resistance between $1,795 and $1,800.
Here are the levels to be seen in bear and bull scenarios in gold
In the continuation of his statements, analyst James Hyerczyk shares what levels will be seen in bear and bull scenarios for gold:
A sustained move above the $1,757 level will indicate the presence of aggressive countertrend buyers. This could trigger a rally at the pivot to $1,778. Since the main trend is down, sellers are likely to take a test of this level. If this level is broken, the target area will be between $1,795 and $1,800. A sustained move below the Fibonacci level at $1,738.60 will signal the presence of sellers. This could trigger a drop to $1,716 and $1,677.
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