This Level Could Start A Deep Correction In The Gold Price!

Market analyst Dhwani Mehta states that the price of gold is testing bullish commitments in a critical demand area and if $1,850 becomes resistance, gold could correct further. We have prepared the gold technical analysis of the successful analyst Dhwani Mehta for you.

“Gold heals in critical demand area below $1,800”

Gold suddenly faded, so why did this happen? Tuesday’s slide marked gold’s fourth straight losing streak after US President Joe Biden’s re-nomination of Fed Chairman Jerome Powell and amid market concerns ahead of the FOMC, as bets on the Fed’s previous rate hike rose. As we move towards the US data releases and the Fed time this Wednesday, the gold price is rebounding in the critical demand area below $1,800.

The Technical Confluences Detector used by the analyst for gold price predictions shows that the gold price is seeing an immediate downside pad at $1,788, where 38.2% one-month Fibonacci 23.6% one-day Fibonacci 23.6% one-day and SMA50 one-day. Dhwani Mehta technically points to the following levels:

The next stop for the golden bears is the previous day’s low at $1,782. If the selling pressure intensifies, the bright metal will decline further towards the one-day pivot point S1 at $1,777.

A solid break above SMA200 ignites a fresh rally towards $1,814

According to analyst Dhwani Mehta, for an alternative case to form, golden bulls need acceptance above the strong $1,794 barrier where the one-day SMA100, one-day Fibonacci 38.2% and SMA200 one-day converge. His analyst underlines that buyers will then aim Fibonacci 23.6% at $1,798 a month, above which he could be in the game at $1,800, the one-week S3 pivot point.

Dhwani Mehta states that upon resurgence, the four-hour cross of SMA10 and SMA200 at $1,806 will challenge the upside and a solid break above the latter will spark a fresh rally to $1,814, the previous month’s high.

View of technical levels on the Technical Confluences Detector

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