A gold analyst shared his predictions about what levels the precious metal could see next week. cryptocoin.com We convey the thoughts of Christopher Lewis as…
Christopher Lewis: Gold prices could see these levels
Gold markets struggled a bit to hold on to massive gains throughout the week. According to the analyst, this is a market that comes out of the one-month consolidation area and returns everything else. “So I’m a little cautious at this point, but I believe if we break above the top of the candlestick for this week, this market could move further towards the $1,870 level,” Christopher Lewis says. He thinks this is a small gain for the weekly chart, but opens up the possibility of attempting to break the $1,900 level after that.
It is worth noting that below, from a psychologically important perspective, we have significant support near the $1,800 level, but below that, we also have support in the $1,775 region. Lewis thinks we still have a chance to make some gains as long as we can stay above these levels. “Things can get ugly very quickly if we give up on those. All in all, I think this is a market that needs to decide,” he says. Finally, Lewis provides the following prediction:
I think gold has gotten a little stronger with the inflation argument, but there are currently traders who believe that inflation may have peaked, and if that is indeed true, target levels will be in trouble again. I think we have a tough few weeks ahead of us and we will definitely need to pay attention to the next few days to get an idea of where we can go. Remember, we need momentum on short-term charts to move long-term charts.
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