Gold Analyst: We Can See These Levels! Follow Carefully - News-Credit-Mortgage-Coin

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Thursday, July 1, 2021

Gold Analyst: We Can See These Levels! Follow Carefully

 



Gold prices are 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.

Analysts: Gold prices are waiting for this data!
Gold futures finished higher Wednesday despite the stronger 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 Nonfarm Payrolls.



Despite the 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 of the Federal Reserve's easing in asset purchases. Investors are now waiting for the U.S. Department of Labor's Nonfarm Payrolls, which will be released Friday and are expected to show 690,000 job gains in June, according to a Reuters poll. 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 at $1,834.70.



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