Market analyst Alexander Kuptsekevich says that the price of gold has risen for the fifth consecutive session and is close to testing a critical technical and psychological level around $1,800. Analyst Dhwani Mehta notes that on the daily chart, gold has made a symmetrical triangle breakout and Monday’s close will be the main focus as the yellow metal will target the $1,900 level above $1,793. cryptocoin.com We have compiled the evaluations and analyzes of gold analysts Alexander Kuptsekevich and Dhwani Mehta for you.
Two important signals for gold traders
According to analyst Alexander Kuptsekevich, bears are in no hurry to give up, frustrating attempts to accelerate the growth of gold and other precious metals. In addition, the analyst states that headwinds such as global monetary policy reversal are also worth considering, making the following assessment:
Sellers entered the gold market for the third Friday in a row, forming a pullback at the end of the week. This is often seen as a rather negative signal from market professionals. However, the hardest part for the bulls lies ahead.
Gold closed last week around 200 SMA with no dominance by either side. The analyst says that in the $1,800-1,810 region, gold is near the upper end of the downtrend and the bears have fiercely resisted attempts to break this trend since June. According to the analyst, we are now seeing another bull attack, so cautious traders may prefer to see the following two signals before betting on a price increase:
The first is consolidation above the 200 SMA, which gold must wait for a few days before confirming this bullish signal.
The second is confirmation of the downtrend disruption that will occur if the price crosses the previous reversal levels, ie above $1,830.
“Traders would be prudent to wait for test results of significant levels”
Rising global interest rates are often cited among the main factors against gold. However, the analyst emphasizes that the recent jump in interest rates is due to fears of accelerating inflation and that central banks are behind the curve here.
According to Alexander Kuptsekevich, silver price performance gives additional bullish signals coming out of a dull sidewall at the beginning of the month, and in addition, gold and silver mining shares have been holding steady support since the end of September, suggesting that long-term investors have ended their bearish rally in the industry. is showing.
The analyst reminds us that in previous cases, gold miners’ buying at high volumes in 2018 and 2013 is a sign of a reversal of the uptrend. Still, the analyst states that traders would be prudent to wait for the results of the key gold levels test to determine whether it’s a bearish bounce or a bearish break.
Gold price technical analysis: Week high at $1,814 will be stiff resistance
Going forward, risk trends, price action in interest rates and the dollar will continue to influence the price of gold as the Fed’s blackout period and a calm start to the week continue, according to analyst Dhwani Mehta. The analyst points to the following technical levels:
Gold is breaking a symmetrical triangle and the bulls are waiting for a daily close above the falling trendline resistance at $1,793. A triangle breakout will open doors for a fresh rise towards the $1,900 barrier.
Prior to this, the analyst states that the previous week’s high of $1,814 will be a tough resistance, and further higher, the September highs of $1,834 will appear as a hard-to-break nut for the golden bulls. He continues his analysis as follows:
On the Filip side, it looks cushioned around $1,793-1,791 immediately to the downside. The next critical support awaits at the sideways 50-DMA at $1,780. A resurgence of selling could push the gold price further down towards the ascending trendline support at $1,775.
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