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Market analyst Christopher Lewis states that the gold markets have reversed and started to show signs of life again after having fallen quite a bit over the course of the week. Analyst David Becker, on the other hand, underlines that while the dollar fell in the second session in a row, gold prices continued to rise and the low Treasury yields helped to put pressure on gold prices by affecting the interest rate difference in favor of currencies other than the dollar. Cryptocoin. com, we have compiled the gold forecasts and analyzes of Christopher Lewis and David Becker for you.

“1. If $680 goes down, I think the gold price will collapse.”

Gold markets fell a little during the trading week, but later recovered. Market analyst Christopher Lewis states that it creates a bit of a bullish hammer, and with that, it is highly likely that we will continue to see the markets as a market that will move with the US dollar, as there is a large negative correlation between the gold and dollar market. :

If we do break below the candlestick bottom though, we are very likely to look at the $1,680 level. It is, of course, an area of ​​great significance. So I think if we go down, the gold will collapse. Looking at the weekly gold chart, if we break above the top of the inverted hammer from the previous week, we are very likely to be looking at the $1,830 level. If we break this resistance barrier, we are likely to look at the $1,900 level on the long-term charts.

According to the analyst, at this point the gold price is more about the US dollar than anything else, so there is nothing else to put in the bank other than the US dollar. Christopher Lewis states that the confusion over the last few weeks has shown how tight the markets are right now, and this may give us the idea that inertia is built for a bigger move.

However, we need to see what the next move will be before we put the money to work from a long-term perspective.

Gold predictions remains in the bear flag pattern.

Analyst David Becker states that gold prices recovered in a second consecutive trading session, but still remain in a bear flag pattern, stating that this pattern is a continuation event that pauses before refreshing lower.

David Becker analyzes his gold forecasts after stating that resistance is seen near the 50-day average at $1,752 and support is near the 10-year average at $1,752:

The 10-day harekedollary average fell below the 50-day harekedollary average. This means that there is currently a short-term downtrend. The short-term momentum reversed and turned positive as the fast stochastic cross creates a buy signal. Medium-term momentum turns neutral as the MACD histogram prints in negative territory with an ascending trajectory pointing to consolidation.

Spot gold price / Source OANDA

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