The gold markets broke the level of $ 1,800 during the week, the rise trend and then the $ 1,750 level. So, what’s up now? Here are the comments of Analyst Christopher Lewis…
What’s next for gold?
Gold, last week, faced down acceleration. However, according to analyst Christopher Lewis, the market will probably continue to see a downward momentum. However, we have been sold so much in the short term that some jump can be seen. Kriptokoin.comAs we have reported, we have seen an attempt to stabilize on Thursdays and Fridays. For this reason, it will be interesting to see if we will save some kind of recovery rally.
On the other hand, if we fall under the candlebar for this week, this shows that we will go much lower. However, according to the analyst, it is not possible to be convinced of some kind of change until it breaks the top of this candlester. The US dollar has a great impact on this market. The analyst also points to the record levels of the US Dollar Index. “It is necessary to say that the US dollar is extraordinarily powerful, so we frankly decreased in the gold market,” he adds. Analyst finally uses the following statements:
When enough time is given, I think we will see this as a situation where we continue to go down. However, if we go back and take this candle, perhaps we are preparing to go to $ 1,800. It reveals the possibility of a movement to $ 2,000. But I didn’t expect it too much. At this point, the market will probably continue to see more volatility than anything else. Keep your position size reasonable.
What is the latest situation in the market?
According to experts, gold investors preferred under safe port dollar. During the uninterrupted speeches regarding the interest rate hikes of the important central banks, he broke the critical resistance in 105,80 and rose to 107.78. The dollar index, the US inflation data, the US Fed’s speech, such as the speech of the Fed, said it is expected to continue to dictate the gold price movement in the near term.
Meanwhile, US inflation rose more than expected in May. The hopes that the increase in the inflationary trend was horizontal was frustrated. CPI ratio increased by 1.0 percent compared to April, increasing headline inflation to the highest level of 40 years with 8.6 percent. Kriptokoin.comAs we have reported as a monthly earnings of only 0.7 percent, the market expectation was around 8.3 percent. It is thought that this may pave the way for the US Federal Reserve for the future aggressive interest rate hikes.
