Gold prices are yellow, at $1,744 and the market offers no clear direction. 2 famous analysts did not make positive predictions for gold in their new analysis. According to Analisdollarser, the trend looks bearish. Cryptocoin. com
As , we have compiled analisdollarserine predictions for you, let’s examine them together…
Gary Wagner: An increase in gold and silver prices is unlikely anytime soon
TheGoldForecast. com’s editor Gary Wagner said it was unlikely that any agreement would be reached in Congress on an extension of the debt ceiling. Gary Wagner adds the following to his explanations on the subject:
The important thing is that there will be a vote. It looks like they will kick the box through a vote on how the government will finance this to pay off its debts. I don’t think we will see a debt default.
Gold prices have historically been inversely correlated with the US dollar, but there have been periods in the past year where they have moved together. According to Wagner, the inverse relationship has resumed recently and the strengthening US dollar has put pressure on gold. On the subject of silver, Wagner noted that the historically close relationship with gold has deteriorated this year, as the two metals differ in price. According to Gary Wagner, an increase in gold and silver prices is unlikely anytime soon.
David Becker: Gold prices turned yellow negative! These levels are expected
Gold prices fell again. The dollar managed to gain traction as yields surged after strong housing prices. The Fed has signaled that they will soon begin reducing their bond purchases, and stronger-than-expected data recently helped boost yields. In this environment, analyst David Becker commented on the markets and said:
The golden fiadollar yellow loosened and continued to form the bear flag pattern. Fiyadollarsar slices with trendline support at 1.742. Additional resistance is seen at 1.758, near the 10-day movementollary average. Target support is seen at 1.677 August low. The 10-day Harekedollary average has dropped below the 50-day Harekedollary average, which means there is currently a short-term downtrend. Short-term momentum reversed and turned negative as the rapid stochastic creates a cross sell signal. Medium-term momentum has turned negative as the MACD (movingdollar mean convergence divergence) index has formed a crossover signal. This sell signal occurs when the MACD line (12-day movementollary average minus 26-day movementollary average) rises above the MACD signal line (9-days movementollary average of the MACD line). The MACD histogram stays in negative territory with a downward sloping trajectory pointing to lower prices.