The new year will be full of uncertainty as the Federal Reserve tries to rotate and tighten its monetary policies. At the same time, the threat of inflation continues to grow, meaning real interest rates will remain low and in negative territory. Market analyst Rajan Dhall says that the price of gold has risen steadily since the FOMC decision this week and it is important that you follow technical levels. Rajan Dhall’s gold price analysis and evaluations, cryptocoin.com compiled for our readers.
“Ups for gold in focus”
Gold price climbed back above the psychological $1,800 level. However, according to the analyst, this has been a significant sticking area as prices regularly fluctuate above and below the level lately. Based on this, the analyst makes the following determination:
As there is traffic above the current price level, this cannot yet be classified as a breakout.
In the 4-hour chart below, the analyst states that the price is now trading above the volume control point (VPOC), which is an important level for gold as it represents the most accepted price level in the period shown. According to the analyst, it can now be used as a forward support area. Rajan Dhall highlights the following technical levels:
In terms of other resistance zones, there is a minor level at $1,815, where the price has bounced (marked in green) several times recently. Next comes the blue horizontal line at $1,836. Beyond that, the high marked in purple on the chart is an important target for the bulls.
If the price moves lower than the aforementioned VPOC, the upward sloping gray trendline could come in handy for the bulls. The analyst states that for now, the main issue is that the precious metal is far from the consolidation low and makes the following assessment:
So, the higher levels are in focus. Volume confirmation is key. Breaking the resistance levels with good market participation will be a good sign.
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