Graph of the week in gold markets: are gold bulls stepping in? According to analyst Ross Burlend, gold bulls seem to be stepping in at critical support. The $1,770 levels stand before us as a daily target for gold prices in the coming sessions. cryptocoin.com We are now going into the details of the subject.
Gold prices and graphics
Gold price has been struggling to maintain its claim for an upside recovery for some time since recovering on the last day of September. The previous week, the price corrected to the important daily support, which brings with it the possibility of an upside expansion for the next week. The analysis and chart below is a brief analysis attempt that raises this possibility.
Although the monthly gold chart gives a very sensitive picture against downside breaks, it is trying to hold on to the support points with the effect of some cyclical developments. However, the downside 10/20 moving average crossover is to the downside and a support break risks the zone to test $1,600 and $1,500 in the longer term in gold. In order to stay away from these risks permanently, gold bulls need to stay above $1,900 for a while. There seems to be a lack of direction for gold from a weekly perspective. The price must rise above $1,760 and then target $1,830 and $1,900. If the price of gold fails to break above $1,760 and clings to a bullish close next week, the downside prospects will be even more challenging towards $1,672.
gold in the near term
However, given the daily uptick closing the support and wick, expectations are improving that this will be filled with price action in the next few sessions. The target area for gold is based on the -272% Fibonacci retracement of the 50% average reversal and retracement range. This comes in at $1,790 on the way to the confluence of the previous structure and the 200-day moving average of gold. From a 4-hour perspective, gold bulls would be wary to see the price move in the direction of the target to break the near-term resistance near $1,770. Moving above this area, gold is more likely to continue bullish this week.
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