Gold markets initially tried to recover during the trading week, but reversed and dispersed. However, according to market analyst Christopher Lewis, the market has surpassed the 50-week EMA, which will attract a certain amount of attention. Therefore, the analyst states that we are more likely to look at the $1,750 level, which is an important support, and at this point in time, he predicts that if it goes lower, gold will fall further. Analysis of Christopher Lewis cryptocoin.com We have prepared for our readers.
“Gold price stuck in a range in the short term”
The analyst states that gold may continue with the general consolidation seen on the upside. “But you will be better off trading on a short-term chart and moving up,” he says, adding that there is definitely a lot of volatility there, perhaps daily or even hourly. And the analyst here reminds us of the strength of the dollar. Christopher Lewis highlights the following in his assessment:
As long as that is the case, the gold market will be a messy place. The yellow metal is very volatile under the best conditions, so you need to be very aware of what’s going on with the dollar index (DXY) and of course interest rates in America. As interest rates rise, this often makes gold much less attractive.
While traders are trying to predict what to do about inflation on the one hand and the Federal Reserve on the other, the analyst thinks that gold is stuck in a range in the short term and makes the following determinations:
As long as this is the case, it will be difficult for gold to make a serious move. Overall, I think we’re probably looking at a more diffuse (forward, backward) volatile market.
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