Gold prices rose to a new summit within two weeks, with the participation of cautious optimism of the US dollar, which softened early on Monday morning in Europe. So, what is expected now? Here is the analyst Ross J. Burland’s predictions for this week…
Rise of precious metal
Kriptokoin.comAs we have reported, gold prices reached the highest level of more than a week in international markets on Monday, because the increasing US treasury returns limited gains, but continued to support the priced gold priced with a loosening dollar. According to the analysis of the previous week, the price moved with a 61.8 percent fibonacci correction in a 4 -hour period, but the target of $ 1,780 per week continues to be difficult for the bulls last week. According to the analyst, as shown below, the price was expected to be corrected by 61.8 percent and then moved down to the target of $ 1,780 per week. The result was as follows:
The price met 61.8 percent with an excellent touch before falling towards the target. However, the bulls moved over the level. Since then, the price has risen to test the levels of around $ 1,850:
Expectation of rise for gold prices
Price faced resistance, but 38.2 percent of the test attracted bulls. There are expectations for a deeper correction of a weekly decline tendency to reduce price imbalance in the four -hour graph to $ 1,858. After that, according to the analyst, 38.2 percent of the weekly levels are found at 1.867:
If the bulls remain dependent on purpose, there will be a higher possibility of a higher movement of 50 percent average return. Analyst thinks that the daily graph is challenging. Finally, according to the analyst, “The price has created a W formation. This is a return formation and is expected to re -adjust the neckline when the price is time.
