Finance

Gold Forecast from Analyst: I See These Levels Coming!

Gold closed the week at $1.812. Gold markets went back and forth throughout the week as they continued to be threatened by the US dollar. The dollar strengthened quite significantly throughout the week, especially on Thursday and Friday. When this is the case, according to one analyst, the gold markets could take a hit as the market could actually drop to the $1,750 level. Here is the gold forecast for the coming days from the FXEmpire analyst

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The analyst shared a gold claim: Here are the situations he drew attention to

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According to FXEmpire analyst Christopher Lewis, “on the upside, if we break above the top of the candlestick, then we could probably go to the $1,860 level where a gap is formed on the daily timeframe. ” The analyst points out that the gold market is “quite sensitive”, emphasizing the importance of paying attention to other factors. “All things being equal, it’s a market that I think tends to see a lot of volatile and sideways behavior, mainly because gold markets are pretty sensitive, where we have to pay close attention to the dollar and where we’re going to trade,” he says.

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In addition to the dollar, he states that money flowed into the bond markets throughout the week, adding: “Moreover, there were multiple inflows into the bond market during the week, which presumably shows that we continue to experience a lot of fuss. ”

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Analyst gave advice to investors

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“If we could break it down to one side, it would be perfect as it could give us some clarity,” Lewis says, noting the uncertainty in the market. But he emphasizes that the candlestick from five weeks ago looks quite ominous and states that the market still looks that much. Again, pointing to the dollar in particular, the analyst says, “With this, I would be very cautious about the case size and I would also follow the US Dollar Index very closely as it would give an upfront measure of where we might be heading in this market.”

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Gold was also positively influenced by the US FED President’s words to Congress over the past week. To read more experts’ gold analysis Cryptocoin. com “3 Analysts: Get Ready for These Levels Next Week for Gold Prices!” You can check our article.

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