Apparently the $ 1,795 to $ 1,800 will control the direction of the gold market until it clarifies the shrinkage plans of the FED. Kriptokoin.comAs analyst James Hyerczyk’s comments and analyzes on the gold market have prepared for you.
“The movement of the gold price, the investor shows the indecision and the approaching volatility”
The gold futures transactions were able to earn a small profit on Friday after publishing the fifth session in a row. According to analyst James Hyerczyk, the price movement shows the investor’s indecision and the approaching volatility. However, considering the uncertainty on the incentive plans of the Federal Reserve, this seems to be a correct assessment of existing market conditions.
According to the analyst, investors react to between 1,795 and $ 1,800. Analyst said that this price range became the first area of interest between 17 June and 2 July, which the traders see as resistance, and that this area was supported between 6 July and 5 August. James Hyerczyk continues his words as follows:
Now he acts like resistance again. The price movement in this range depends on the FED activity. Between 17 June and July 2, when he acted as resistance, investors reacted to the Fed’s decision to continue the first interest rate hike. Gold provided support between 1,795 and $ 1,800 between July 2 and August 5, while the trades reacted to the uncertainty about the power of the US labor market, an important component of the FED’s contraction decision process.
Analyst pointed out the range of gold, which is controlled by the $ 1,795 to $ 1,800, he says he controls the direction of gold. James Hyerczyk’s evaluation is as follows:
On August 6, the gold fell to $ 1,795, then fell to $ 1,677,90 on August 9th, and as you might have guessed, it returned to $ 1,795 and $ 1,800. Last week, the highest level of $ 1,797.60, stopped the rally. This rally was supported by consumer inflation data, weaker than expected, another important component in the Fed’s contraction decision process. The $ 1,795 to $ 1,800 seems to be controlling the direction of the gold market. It is understood that the Fed will continue to do so in the near term until it clarifies the contraction plans.
Short -term view underneath
With the Central Banker Symposium, which was planned to be held on August 26-28 at Jackson Hole, Wyoming expects a final announcement before the end of the year after the end of the year, after the fact that the majority of the July meeting minutes on Wednesday tend to reduce incentives. Considering the analyst James Hyerczyk, COVID fluctuation and the situation in Afghanistan, the FED does not think it would be cautious to make such a statement.
The analyst states that considering the economy, it would probably be the best for policy makers to wait for a regularly planned monetary policy meeting on September 21-22 before making a statement of this size. James Hyerczyk emphasizes that FED officials will have the chance to see another non -agricultural salary payroll report and consumer inflation data. Analyst predicted the following:
Continue to watch the price movement and order flow between $ 1,795 and $ 1,800. The reaction of the traders to this area may cause a decrease in the near term. The resistance is currently in this range.
