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    Home»Cryptocurrency Exchange»3 Analysts: Gold Prices Are Playing To These Levels Now!
    Cryptocurrency Exchange

    3 Analysts: Gold Prices Are Playing To These Levels Now!

    cryptossorBy cryptossorAralık 26, 2021Yorum yapılmamış2 Mins Read
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    Gold prices on Thursday hovered around the key $1,800 level ahead of the year-end holidays as the dollar stabilizes and appetite for riskier assets rises as fears over the Omicron coronavirus variant ease.

    Daniel Pavilonis: Next year will be good for gold prices

    Spot gold rose 0.4% to $1,809.89 an ounce, while U.S. gold futures were up 0.5% to $1,811.70 an ounce. Evaluating the current situation, Daniel Pavilonis, senior market strategist at RJO Futures, comments, “This is just noise on a low-volume day before Christmas.” The strategist adds that next year will be good for gold prices, especially as high inflation is likely to continue.

    Cryptocoin. com

    As we reported , the dollar index, which glowed slightly more than bullion, stabilized, making the metal less attractive to overseas buyers. But the dollar was close to a one-week low and its recent pullback has helped keep gold on track for a small weekly gain.

    Global equities, bond yields and riskier currencies hit all-time highs on Thursday as investor confidence rose amid strong US economic data alongside signs that Omicron may be less severe than feared. Nicholas Frappell, global general manager of ABC Bullion, points out the following technical levels for gold prices:

    Gold faces technical resistance at $1,815 and $1,826 and geopolitical risks await gold’s potential support despite the waning narrative.

    Gold technical analysis: Trying to pull upwards

    Gold ended a two-year uptrend in August 2020. A modest pullback from there led to a sideways slide in March 2021. Prices are currently hovering near the midpoint of the choppy range that has been formed since then. It is unclear whether the recession will provide a basis for renewed gains or mark a pause before the move down from the 2020 high kicks in again.

    Spot gold price weekly chart / Source: TradingView

    According to market analyst Ilya Spivak, looking at the daily chart, gold prices are trying to pull upwards with mid-range congestion near the $1,800 figure. Ilya Spivak points to support and resistance levels in his technical analysis:

    A series of highs and lows, well established 1.677-1. It cautiously supports gains in the $917 band. Immediate resistance at 1.808.16 followed by barriers at 1.834 and 1.871. Key supports are found at $1,750.78, $1,718.89, and $1,676.91.

    Spot gold price daily chart / Source: TradingView
    Dollar Gold Gold prices Level
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