Gold prices are yellow, trading above $1,775. According to gold analyst James Hyerczyk, the direction of the market will be determined by the reaction of investors to the $1,770 level. The analyst explains the levels that gold will see, respectively.
Analisdollarser: Gold fiadollaryellow is waiting for this data!
Gold futures ended Wednesday at higher nodols despite the strengthening US dollar. Lower Treasury yields may have provided some support. The volatile price action may have affected the market ahead of Friday’s report on US Non-Farm Payrolls. Cryptocoin. com, a strong jobs report could confirm the hawkish tone that will put pressure on gold prices in the FED’s latest policy statement.
Despite high close, gold continues its biggest monthly drop since November 2016 as investors are wary that the upcoming US labor market report could raise fears about the Fed’s easing in asset purchases. According to the Reuters survey, investors are now waiting for the US Labor’s Non-Farm Employment Payroll, which will be announced on Friday and is expected to show an increase of 690,000 jobs in June. The data follows Federal Reserve officials’ recommendations that the U.S. central bank should begin reducing its asset-buying program this year.
James Hyerczyk: Market direction will depend on $1,770 level
Gold analyst James Hyerczyk comments on the markets and makes important predictions. According to James Hyerczyk, the direction of the market will be determined by the reaction of investors to the $1,770 level. The analyst explains the levels to be seen in the bear scenario:
A sustained move below $1,770.40 will indicate the presence of sellers. The first downside target is $1,750.10. Removing this level could push the market to the main low of April 13 at $1,725.50. This is the last potential support before a double major bottom between $1,679.40 and $1,678.40.
The analyst also explains the levels to be seen in the bullish scenario and says:
A sustained move above $1,770,40 will signal the presence of buyers. This is a potential trigger point for an acceleration to the main 50% level from $1,798.80. Breaking this level could lead to another upside break with the next key target of $1,834.70.
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