Gold prices started the week with a serious rise. So, what to expect in the weekly sessions? Analyst Ross J. Burland analyzed various time periods for the precious metal. cryptocoin.com We are giving the details as…
What to expect for gold?
Ross J. Burland’s Non-Farm Payrolls, Gold Price Forecast: The US dollar remains bullish and gold slumps, whatever the price, it has finally broken to the upside, according to analysis behind Stellar NPLs. The price reached a previous resistance level on the hourly chart and from there it was bought near the 61.8% Fibonacci retracement level. Demand is expected to increase further in the coming hours and for the opening sessions next week as the price of gold rises further.
As illustrated in the charts, the analyst points out that the price is rising and the daily “impulse” correction is on the verge of meeting the 61.8 percent Fibonacci extension.
What will be the focus of this week?
According to the expert, this week’s focus should be on the correction of Friday’s rally. The analyst thinks this spot will be where traders can assess the risk profile on Monday and gauge whether a continuation of an upside price move is forthcoming.
In the monthly chart above, Fibonacci retracements rest on the potential for a slight continuation to start the week before a correction to former resistance, which is now expected to act as support. The former resistance is equivalent to $1,899. However, according to Burland, the bulls are in control and given the Ukraine crisis, gold would display a more appropriate bullish sentiment in the absence of the Fed. As long as geopolitical tensions continue to dominate the market, gold may continue to attract its safe-haven offer. However, if there is to be a correction in the meantime, $1,950 could be tested as the former daily resistance:
But for now, it can be said that the momentum is in the bulls and in the hourly time frame, profit taking is expected. According to the analyst, this will likely result in a series of bids and will equate to a daily correction. If there is no correction, the analyst thinks that the $2,000 level is on the bulls’ radar.
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