Gold futures rose on Friday as investors await data on US Non-Farm Payrolls that could influence the Fed’s stance on monetary policy. However, according to experts, traders are worried that the Delta variant, which is a variant of COVID-19, will cause a step back in the plans to reopen in countries. So what levels is gold going to now?
What regions are the main ranges under?
According to veteran analyst James Hyerczyk, the main trend is bearish. Seeing $1.750 will indicate that the downtrend has started again. On the other hand, he mentions that a correct move to $1,906 will turn the main trend upwards. But this is highly unlikely, according to the analyst. Hyerczyk, 1.678-1 of the main range. It states that it is in the middle of $919. He points out that gold futures are trading in the middle of the retracement zone, between $1.798 and $1.770. According to the analyst, the short-term range is 1. 919-1. In the middle of $750.
Bull and bear scenario in gold price according to the analyst
He said price action below $1,770 for Hyerczyk for the currently possible bear market will indicate the presence of sellers in the market. The analyst says that if this move creates enough downward momentum, the sale can be expected to extend up to $ 1,750, then push it to the bottom level of $ 1,725. In a bullish scenario, Hyerczyk states that a move above $1,770 will always indicate the presence of buyers; He stated that the top goal was $1,798 followed by $1,834. For more gold news Cryptocoin. com, which we prepared as ” “The Big Fix Is Coming!” Analysts: Pay Attention to These Levels in Gold” You can review our article.
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