Gold prices are fluctuating in a narrow range at the beginning of the week. The price has hit a low of $1,779.17 and a high of $1,783.75 so far. According to market analyst Anil Panchal, there was little in the way of fresh momentum in the weekend headlines at the beginning of the session, but there are some risks in the forex space holding back the US dollar for now. Anil Panchal’s analysis cryptocoin.com we have compiled for you.
“A $1,780 break is needed now to be a clear run for the bears“
However, at the beginning of the technical analysis of the week, the analyst charts and explains that a downward situation was detected in the lower time frame for gold prices:
The bears will look for price slowdown in this current correction, which currently meets the 38.2% Fibonacci retracement level and the wicks of the daily M-formation neckline as a confluence. If resistance holds, there will be prospects for a high probability short to test the current range of the correction at least the -272% Fibonacci retracement and target a bearish hourly pulse. This is currently approaching $1,768.
According to the analyst, the price is indeed suggesting the downside, as shown in the chart above, and a break at $1,780 is now needed for a clear run for the bears.
Gold prices technical analysis
Anil Panchal states that gold broke the $1,785 support confluence, which is now resistance, which consists of the 100-DMA and an ascending trendline from October 12. He makes the following analysis:
In addition to the support break, the MACD’s bearish uptrend and stable RSI are supporting the gold sellers, not forgetting the 61.8% Fibonacci retracement (Fibo.) downside break of the September decline.
However, he says that with the 50% Fibonacci retracement level and early October high around $1,778 and $1,770 respectively, short-term bears could explore before leading to $1,760 and October lows to $1,746. it says:
If gold prices refrain from bouncing off $1,746, the downside could target the end-September drop near $1,737 and $1,721. Meanwhile, the corrective retracement could struggle to regain the resistance turned from the 61.8% Fibo to $1,785 support. October’s highs around $1,791 and $1,813 respectively, could push gold buyers afterward. Overall, gold buyers looked tired in late October and finally showed signs of defeat with Friday’s $1,785 breakout.
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