Gold markets rose significantly during the week but also pulled back from a major downtrend line. So, what levels can be seen next? Analyst Christopher Lewis’ expectations cryptocoin.com We share with you…
Gold analyst expects volatile trade
According to the analyst, the market will continue to see volatile behavior and as a result, a volatile trade will be seen. Thinking that it is easier to trade on short-term charts in this market, Lewis predicts that if the highs of the last few weeks are exceeded, gold will rush towards $ 1,835. He also predicts that the gold markets are unlikely to decline, but if it falls below the $1,750 level, it can be pushed down to the $1,700 level.
Pointing to the dollar in terms of developments affecting gold, he says that investors should follow the US Dollar Index. “The US dollar has a large negative correlation with the gold market, so it definitely makes sense to take a look at this picture,” he says.
Finally, “Gold continues to suffer from higher interest rates in the United States because, frankly, paper is cheaper to transport than large quantities of metal, because storage fees have a huge impact on what happens next. “Although you’ve always heard that gold is a hedge against inflation, it’s not just bond yields rising at the same time.”
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