Market analyst Ross J Burland notes that the price of gold is testing the weekly support and bearish levels at $1,800, and a break of $1,750 poses risks towards March highs near $1,644. Ross J Burland’s gold analysis on weekly and daily charts, cryptocoin.com We have prepared it for our readers.
Possible trajectories for the next week in gold price
According to the analyst, the gold price was supported by a dynamic weekly/daily trendline where the bulls consolidated and finally made an upside break in the second part of the week. The analyst states that the price has moved to $1,800, but has failed to hit the weekly trendline resistance so far, showing possible trajectories for the next week on the chart:
Ross J Burland states that the weekly chart shows the price test of the previous weekly downtrend with a 61.8% Fibonacci retracement testing new dynamic resistance, which may equate to a solid resistance.
In doing so, the price is expected to expand to the downside in line with the dominant weekly trend and test the weekly sideways support towards $1,650 and March 2020 highs.
Analysis on daily charts
Looking at the gold prices from a daily perspective, the analyst states that the price is trying to rise as indicated by the price action on Friday and that the highest level of the candle’s wick is a possible target for the coming sessions. On the chart, $1,835 holds the zone towards $1,880:
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