As we enter the new week, gold investors are wondering how the precious metal will move this week. Analysts also share their comments. cryptocoin.com We quote analyst Ross Burland’s comments…
Here are 4 critical charts for gold price
According to the analyst, gold can be viewed from a “bear market” perspective. He believes this is in line with hawkish signals from the Fed and market expectations that a rate hike in March is imminent. According to the data, investors expanded short positions (sending short) and sold long positions as yields rose.
The analyst points to the monthly W pattern, saying that it is a bearish divergence pattern where the neckline comes in at $1,783 with the confluence of the dynamic support line.
Burland notes that the weekly chart shows gold struggling to break past double tops and forming a bearish triple top with last week’s failure.
The daily chart is putting pressure on the neckline of the W-formation at around $1,815, which marks a test of the $1,782.93 to $1,828.11 range for a bullish breakout. The low meets the trendline support, so a break there would indicate significantly bearish.
According to the analyst, the 4-hour chart seems to have recovered. However, he thinks there could be a correction to retest $1,821. While there is a possibility of a move deeper towards $1,800 to meet $1,801; A close at $1,829 and $1,830 could break the bearish view.
Additionally, Fed Chairman Jerome Powell told the Senate Banking Committee last week that he was eager to fight inflation. According to TD Securities analysts, “this means that real rates will rise only modestly and gold could rise even higher as shorts close.”
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