While the gold price could not hold the level of $ 1,800 and regressed to $ 1,787; Benjamin Wong, Strategist at DBS Bank, a world-renowned analyst, has revealed the next direction and levels to watch for yellow metal. cryptocoin.com We share the analyst’s comments with you…
Gold comment on the rise from the famous analyst
According to DBS Bank Strategist Benjamin Wong, the technical chart of XAU/USD shows the possibility of forming a head and shoulders pattern for a short-term bullish break, which requires a break above $1,830 for confirmation. After the formation of this formation, gold will open even higher. The analyst says gold has begun to form “silent upside head-and-shoulders” since June. Therefore, he points to the uptrend by saying that “the nascent golden bull is knocking on the door.”
Wong points out that a key line for this pattern is found at $1,830. He points out that a secondary confirmation would likely require gold to break and sustain the resistance of the weekly Ichimoku formation at $1,873. Finally, the analyst said, “If the reverse head-and-shoulder pattern is confirmed, the yellow metal will aim higher at $1,930, perhaps even $1,980 (above June highs). However, a break below $1,720 will invalidate this potential pattern.”
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