Gold prices are heading towards a time cycle change that is likely to have a season of change favoring a better outlook. Technically, gold is stuck in an existing triangle pattern that requires prices to break and stay above $1,876, says DBS Bank Strategist Benjamin Wong. The analysis of the strategist on the precious metal cryptocoin.com compiled for our readers.
“More horsepower is needed for gold prices to rise”
Gold prices hit a two-month high last week, drawing a safe-haven flow amid lower US bond yields and investors’ concerns over tensions between Russia and Ukraine. However, on the precious metal weekly Ichimoku chart, the cloud must surpass the $1,863 resistance and the 50% Fibonacci retracement in the $2,075-1,677 range for $1,876 to be fully bullish, according to Benjamin Wong. The analyst makes the following assessment:
Gold needs to gather more horsepower before it breaks out of its triangle pattern, which means it can break $1,876 and last June’s high of $1,916.
“Gold prices have peaked at $1,848 so far,” he says, noting that a small 38.2% Fibonacci retracement could bring the yellow metal back to $1,812. Below that, the 50-day moving average (DMA) and 200-DMA confluence stand at $1,805.
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