Gold prices on Friday, despite the fall of the dollar, despite the fall of the treasury returns. However, the price closed the third week in a row with rising. Technical analyst Ross Burland evaluates the technical picture of gold. On the crypto front, Bitcoin is forced to climb above the general resistance of $ 31,000. However, according to crypto analyst Raqesh Upadhyay, it is positive that bulls did not allow the price to fall below $ 29,500 support.
Eyes for gold prices will be at the Federal Reserve!
The US dollar rises and made gold more expensive for international buyers at the end of the week. In addition, the third -day low closures in the gold price took place before the Federal Reserve’s policy committee’s two -day meeting next week. Expectations are that the Fed will increase a 25 basis point -point increase in US interest rates. However, it is important for most gold investors medium and long maturity. However, after reports that inflation and the economy have slowed down, very few expect the Central Bank to increase interest rates this year further. Moreover, some of them began to wait for the new year to withdraw interest rate hikes. On the other hand, TD Securities analysts make the following assessment:
FED is expected to continue interest rate hikes next week following the pause in June. Although July predicts that this cycle will bring the last interest rate hike, we do not think that the Committee is still comfortable to signal this change. As a matter of fact, FED President Jerome Powell will probably reiterate that an additional interest rate hike is still valid this year.
Gold price weekly and daily graphics
This leaves the price of gold at a crossroads in the graphics, which can be in both ways. Gold prices, on Friday, even though the third week in a row closed the rise.
The wick leaves bull expectations in lower time periods as follows.
In the following 3 -week graphs, we see that the gold price has not been able to make a higher peak so far.
If bears commit a significant decrease in the support of the raid trend line in the gold price and there is a risk of breaking the lock structure near $ 1,617.
The price of gold is at a turning point.
In the meantime, if we go back to the short -term look, we can see that the price of gold is at a crossroads.
The price broke the highest levels of last week and the month. However, the bears cannot convince as they take action. The correction may turn towards the test of the latest structural low levels near $ 1,945:
Gold price, fall view
Rise view of gold prices
On the other hand, the price of gold has regained its orbit in the north. In this respect, we can see that it closes above the highest levels of last month.
Gold Price Opening Range Expectations
At the beginning of the week on Monday, it should be noted that the highest levels of the week and last month on Thursday have failed. After that, the yellow metal experienced decreases for two days in a row. Thus, low closures took place on the third day. On Friday, he continued to break the lowest levels of the previous day and the week. All this gives us information:
- Long positions are stuck high.
- Short’lar Snow.
- On Friday, we had three sessions that broke the lowest levels of the previous week.
All this points to a ‘Short Squeeze’ to trap bears for the first balance from the lowest levels of the previous week and Thursday:
15 and 30 minutes graphics, above and as follows.
Bitcoin (BTC) Price Analysis
Bitcoin has been constant under the 20 -day exponential moving average ($ 30,036) for the last few days. However, it is a positive sign that the price of the bears could not reduce the 50 -day simple moving average ($ 28,979).
BTC daily graph. Source TradingViewThis shows that the bulls do not give up and that they make purchases in every small decline. It is possible for the repetitive failure of the bears to withdraw BTC down. If the price rises above the 20 -day EMA, the BTC is likely to rise to the general resistance of $ 31,000. The price exceeding the price of 31,000 to 32,400 dollars may pave the way for a possible rally up to $ 40,000. On the other hand, if the price decreases and descends below the 50 -day SMA, it will indicate that bears are returning. BTC is likely to fall into support of $ 24,800 later.
BTC 4 -hour graphics. Source TradingViewThe moving averages in the four -hour graph are flattened. In addition, the relative power index (RSI) rose to the midpoint. This shows that the movement connected to the range will continue for a while. If the bulls increase the price above the 50 -day SMA, BTC is possible to try to rise to $ 30,500. Then it is likely to turn to $ 31,000. The important support to be followed in the lower direction is 29,500 dollars. If this level decreases, BTC is likely to decline to $ 27,500.