‘Stay Out of the Market’ 2 Analysts Give Next Levels For Gold!

According to market analyst Christopher Lewis, gold markets rose significantly during Wednesday’s trading session to break recent resistance, initiating a move higher with greater potential. Analyst David Becker, on the other hand, states that gold prices are rising as the dollar pulls back some of its gains and says that US interest rates are mixed as 2-year rates continue to gain ground, but the long end of the curve is softening. Developments in the gold market through the eyes of analysts cryptocoin.com we present to you.

“Keep your position size small, or even stay out of the market for a while”

Analyst Christopher Lewis states that gold markets rallied quite significantly during Wednesday’s trading session to reach the 200-day EMA and, perhaps more importantly, break the major resistance.

It’s pretty impressive that we always show up and gain more than 2%. Because frankly the gold market has done nothing but go back and forth to hack trading accounts in the past few days. However, we have a significant amount of resistance just above where we are. So even if we continue to rise, it is very likely that we will see some pullback.

According to the analyst, clearing the $1,810 level starts a move towards the even more important resistance at $1,835, and clearing all this opens up the possibility of gold going much higher. “The US dollar will of course have a say, so take a close look at what’s going on in the US Dollar Index as it has a somewhat negative correlation with this market,” says Christopher Lewis, and continues his analysis:

Looking at the size of the candlestick, it is obvious that there is a shift in momentum and at this point you have to be very careful with the fact that we are seeing a sudden and violent reversal. These candlesticks very rarely occur in a gap, so we may be racing to the top of the overall consolidation area again for the past six months. Keep your position size small, or even stay out of this bad range we’re in and the market until you have some sort of exit for what seems like a lifetime.

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Gold technical analysis: support at 1.776 broken

Analyst David Becker states that gold broke the resistance that provides support near the 50-day moving average at 1.776 and states that the target resistance is a downward trend line approaching 1.800. David Becker points to the following technical levels in his analysis:

The short-term momentum is positive as the fast stochastic recently formed a cross-bought signal. Prices are overbought as the fast stochastic prints a reading of 95 above 80, the overbought trigger level. 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) breaks 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.

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