The price of gold has fallen quite sharply throughout the week and dropped to the $1800 level. Many investors are wondering whether the precious metal will experience a rise in the next week. Christopher Lewis, a gold analyst, conveyed his expectations for gold. Here are the details…
Lewis: We have a lot of work to do before the gold price heads higher
Gold markets have deteriorated significantly during the trading week as we continue to see a lot of downside. According to analyst Christopher Lewis, “All in all, this is a market worthy of attention as it is oversold.” In this case, the analyst states that we should be very careful with the bond market because it may be on the decline. “And if this is to be the case, we may see some upside momentum underneath,” the analyst says. After all, the candle on Friday’s chart is trying to form a new pattern. Looking at this chart, “therefore, we may be preparing to hit the $1,850 level. If we break there, we can probably go to the $1900 level,” he says.
On the other hand, a break below the lower level of the weekly candlestick opens the possibility of the market dropping to the $1,775 level. According to Lewis, the $1,750 level will also be the target from now on. This is a market that will continue to be very volatile, and this volatility makes sense given how much trouble we’ve had in global markets. “The market will continue to be one where you need to be careful with your position sizing, so only add positions when the trade starts working in your favor,” the analyst advises. “A break above the $1900 level would be a big move, but at this point we have a lot of work to do before we consider it probable,” he concludes.
Latest situation in gold price: What happened last week?
As we reported on Kriptokoin.com, another increase in the US dollar is Thursday, with June Comex gold futures falling to $1,820.40 per ounce and trading at $1,822.30, down 1.7 percent on the last trading day. triggered a decline under the day. Meanwhile, the US dollar index rose to a 20-year high at 104.80.
