On Wednesday, gold prices rose from the support of the session to the bottom levels. Kriptokoin.comAs we have reported as the US Adp Special Payroll report, the US short -term treasury returns rose after the expected rather than expected, which helped to rise the dollar. Gold is priced in dollars, as a stronger dollar gold makes it expensive for other currencies and reduces its attractiveness.
“Short and medium -term momentum positive in gold prices”
Gold prices, despite the strengthening of the dollar on Wednesday closed the rise. Market analyst David Becker states that the resistance is seen near the 50 -day moving average in $ 1,782, while support is seen near the 10 -year moving average in $ 1,751, and fast stochastic says that short -term momentum is positive as it soon creates a cross -purchasing signal. David Becker continues his analysis as follows:
MACD (Mobile average convergence dumping) index has been a cross -purchase signal and turned to the medium -term momentum positife. This occurs when the MacD line (12 -day moving average minus 26 -day moving average) on the MacD signal line (9 -day moving average of the MACD line). The MACD histogram prints in a positive area with a high -curved orbit that points to higher prices.
In the meantime, ADP and macro-economic consultants reported that private employment was better than an estimation of 425,000 for the month, which is better than 425,000, and that it was over 340,000 data in August. The first August report grew by 374,000.
According to the analyst, the market may continue to be very noisy for the next few days.
Gold markets fell at first during the transaction session on Wednesday, but also found buyers near the $ 1,750 level. According to Analyst Christopher Lewis, he does so, perhaps showing that there was an event to reverse this market. Analyst believes that many things will be solved on Friday, when US employment data will be announced, and makes the following assessment:
However, since we do not have a real clarity in the future, the market is likely to continue to be very noisy in the next few days.
The rise or fall of the US dollar will be closely related to the next move of the gold market due to the tendency of the dollar tendency to show negative correlation with the gold market, and of course the bond market that gives higher interest rates. Analysis, Christopher Lewis advises him if you don’t have to worry about paying storage fees other than paying storage fees, make it underneath ”.
The analyst estimates that the market has received a lot of support below $ 1,750, so it may probably fall to $ 1,725 if this support is down. According to Christopher Lewis, going below this level will pave the way for a large downward movement waiting to be realized later. In the analyst assessment, he points to the following levels and makes advice:
On the other hand, if we break the highest levels of Monday and Tuesday session, it can direct this market to the 50 -day EMA, perhaps even 200 days of EMA. But all I know is that you should keep your position a little small because of what we see a lot on the way to volatility and probably what we will continue to see in the next few days.
