Gold prices rose slightly on Tuesday, with low US treasury returns. The markets are currently focused on Friday’s Fed meeting, because many people estimate that the Fed will discuss the possibility of reducing bond purchases in September. In the light of all these economic developments Kriptokoin.comWe have prepared for you the technical analysis and estimates of the two master analysts on gold prices.
Gold Prices Technical Analysis
Analyst David Becker evaluates that as a result of his technical analysis for gold prices, the prizes were overly purchased and that this may be a harbinger of a correction. David Becker’s technical analysis is as follows:
Gold prices broke high -test resistance close to the 200 -day moving average at $ 1,811. The support is seen in 1,781 near the 10 -day moving average. Short -term momentum has returned to positively as a cross -stocking signal created quickly stochastic. MACD (Mobile average convergence dumping) index has been a cross -purchase signal and turned to the medium -term momentum positife. This purchasing signal occurs when the MACD line (12 -day moving average minus 26 -day moving average) passes on the MACD signal line (9 -day moving average of the MACD line). Since it reads 94 of the rapid stochastic, the awards have been purchased excessively, since it was well above the 80’s overcrease threshold, which can be a harbinger of a correction.
Christopher Lewis: The market will act in a fed speech rather than anything else
Analyst Christopher Lewis, while the gold markets continue to dance around the 200 -day EMA, after stating that he waved back and forth during Tuesday’s trading session:
During the transaction session on Tuesday, the gold markets did very little because we struggled with 200 -day EMA. 200 -day EMA, of course, will typically cause a lot of noise. For this reason, I think that the gold market will be very careful in the short term.
Analyst Christopher Lewis says that people have begun to question whether the Federal Reserve will continue to shrink by the end of the year, and this week’s Jackson Hole meeting would have to do with what will happen in the next dollar. Assuming that interest rates actually keep up with inflation, Analyst says that if they do this, America will offer more about the interest rates that are absolutely poisonous for gold. Christopher Lewis continues his analysis as follows:
In the lower direction, the level of $ 1780 must be a little supportive, and if we remove it, we get rid of the candlester in Monday session, which would be a very negative sign. In this scenario, I think the market can look at the level of $ 1750 and then it probably beyond. On the other hand, if we can reversed a break above the $ 1835 region, it paves the way for a much larger movement to keep the gold market to create a kind of ascension trend. At the end of the day, the market will act rather than anything else. So be very careful about the headlines from Wyoming this week. Meanwhile, people trust that Jerome Powell is a pigeon. However, there are a few comments from federal reserve managers who recommend tightening by the end of the year.
