According to market analyst Dhwani Mehta, the gold price has rebounded but has yet to emerge from the woods amid stronger dollar rates. The analyst states that the fate of gold depends on the very important Fed decision and the US NFP data, and considers the price of gold falling below $ 1,780 as an ominous sign ahead of the Fed.
All eyes will be on the Fed and upcoming US NFP data
According to Dhwani Mehta, gold bulls are coming for the final dance ahead of the crucial US Federal Reserve policy decision, with hints of an earlier-than-expected rate hike following Friday’s surge in PCE inflation.
As you can follow from the news on Kriptokoin.com, the US dollar remains largely high as Treasury rates start a new month. The US Non-Farm Payrolls (NFP) will be released this Friday. The data in question will help determine the next direction for the gold price.
Important levels to watch for gold price
The analyst states that the Technical Confluences Detector shows that gold is approaching strong resistance at $1,789 on its way to recovery, emphasizing that this barrier is the convergence of one-month Fibonacci 38.2% and one-day SMA100. Dhwani Mehta continues his analysis:
A sustained move above the latter is required to top the $1,792 barrier where the one-day SMA200 and four-hour SMA10 converge. Next, the golden bulls see $1,796, the intersection of the one-hour SMA100, the one-day SMA5, and the 61.8% one-week Fibonacci. If the bullish momentum remains unabated, the one-month 23.6% Fibonacci $1,798 will be on the buyers’ radar.
According to the analyst, the meeting point of the one-day R1 near the previous day’s high and pivot point of $1,801 will be the crossing point for the golden bulls. On the Flip side, after reminding that strong support was seen at the previous resistance at $1,782, where the one-day SMA50 and one-week Fibonacci 23.6% converge, he draws attention to the following levels:
The next critical demand area is aligned around $1,778-1,780, where the four-hour SMA100, the Fibonacci 23.6% one-day and the previous four-hour low coincide. Further south, the confluence of the previous day’s low and the Fibonacci 61.8% one-month high at $1,772 will test bullish commitments.
Dhwani Mehta shares his view of technical analysis data for gold price prediction on his Technical Confluences Detector:
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