Wait For These Levels Now In Gold Price!

Gold futures suffered back-to-back losses on Thursday. Gold saw its sharpest daily drop in almost six weeks as dollar and Treasury yields soared after data showing an increase in US retail sales last month. cryptocoin.com We would compile the gold expectations and analyzes of different analysts for you.

Ross Norman: I suspect bears will hit support levels to test bulls’ determination

Ross Norman, CEO of Metals Daily, made the following assessment of gold prices in a statement:

Confidence in gold has been light, even fragile, not to mention Bitcoin, especially as the broad commodity complex enjoys another rally. Frankly, unexpectedly strong US retail sales boosted the dollar and gold fell sharply. The move lower seems to have been accelerated by the trigger stop and now it is touching support at $1,750. For now, the path of least resistance looks lower and I suspect the bears will hit the support levels to test the bulls’ resolve.

Meanwhile, market analyst Mark DeCambre says precious metal prices are expected to be volatile as they expect clarity from the US Federal Reserve next week, as investors plan to cut back on bond purchases in the spring of 2020, which provides markets with liquidity during the worst of the pandemic.

“Gold cannot exceed $1,800 and hold”

Metals traders will also be on the lookout for cues on the timing of final rate hikes. The Fed’s two-day meeting is set for September 21-22. The December gold contract was down 2.1% to settle at $1,756.70 an ounce. Reconciliation was also at its lowest level since August 12, according to FactSet data. Gold “had a quick and immediate chain reaction,” as solid economic data far exceeded expectations, Jeff Wright, Wolfpack Capital’s chief investment officer, said in a statement. Stating that US unemployment applications are slightly higher, Jeff Wright continued his assessment as follows:

But I find it meaningful to balance the strength of retail spending data. This led to an increase in US Treasury 10-year yields. The result is that gold falls further, and this drop is very rapid.

On Thursday, it was announced that initial applications for unemployment benefits in the United States rose 20,000 to 332,000 in the week ended September 11. Retail sales rose 0.7% last month, although economists surveyed by The Wall Street Journal had forecast a 0.7% drop. The Philadelphia Federal Reserve’s business activity index rose from 19.4 in August to 30.7 in September, ending a four-month streak, the regional bank said on Thursday. Given the recent developments and the Fed’s desire to reduce asset purchases, Jeff Wright believes gold prices are likely to fall further in the coming days and he does not see any positive catalysts in the near term:

Gold cannot exceed $1,800 and hold it. Therefore, it could retest $1,700 before any new interest hits the market.

Gold technical analysisExpected trend: Bear

In the technical analysis made by analysts trying to determine the direction of gold prices, attention is drawn to the following levels:

Gold price fell strongly yesterday, breaking the $1,770 level, giving way to the next negative target of 1,735 as it completed the downside pattern forming, bolstered by the downside pressure from the EMA50, supporting the chances of further declines in the coming sessions.

Therefore, analysts expect the bearish dominance to continue on an intraday basis and note that a break of the $1,770 level will stop the current negative pressure and lead the price to start new recovery attempts. Analysts’ expected trading range for today is between 1.735 support and 1.775 resistance.

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