The price of gold initially fell during the week, but is starting to show signs of life again as the short-term barrier of $1,820 is cleared. Market analyst Christopher Lewis analyzes the gold price technical outlook. we too Cryptocoin. com, we have compiled their analysis for our readers.
“Reaching these levels for the gold price is a matter of time”
The 50-week EMA offered dynamic support, but the interesting thing about this weekly candlestick right now is that it closed above the $1,820 level, which is an obvious hurdle on the daily charts, according to analyst Christopher Lewis. Therefore, the analyst thinks it is probably just a matter of time before the market continues to rise, perhaps reaching the $1,850 level, or possibly even the $1,875 level. Christopher Lewis comments:
Looking at this chart, the truth is that buyers are starting to build pressure, and I think it’s probably just a matter of time before we get any significant following.
“There is plenty of support below, at least to the level of $1.775,” said the analyst, adding that although there is a lot of flexibility when it drops a little, it makes sense and will follow from this point. According to Christopher Lewis, this could be one of their first places to go as traders put money back to work on their ledgers as January kicks off. The analyst comments on the future of the market as follows:
Having closed above the $1.820 level will certainly have drawn some attention. So I think it makes more sense for us to get some follow-up almost immediately. I am not interested in exposing this market, at least until it drops below the candlestick three weeks ago.
