Gold price was supported by an amic weekly/daily trendline where the bulls consolidated and finally made an upside break in the second part of the week. The price has moved towards $1,800 but has failed to hit the weekly trendline resistance so far. So what do the charts show? Cryptocoin. com we share the analysis of gold analyst Ross J. Burland…
Analyst examined weekly and daily gold chart
The price is testing weekly support and bearish levels at $1,800. A downside break of $1,750 poses risks to March 2020 levels near $1,644. In the precious metal, the weekly chart shows the price’s previous weekly bearish impulse testing a 61.8 percent Fibonacci retracement and fresh amic resistance, which can be seen as solid resistance.
“In doing so, the price is expected to expand to the downside in line with the dominant weekly trend and test the weekly sideways support towards $1,650 and March 2020 highs,” Burland says.
What does the daily chart show?
Ross Burland also examines the daily chart for the precious metal. From a daily perspective, the price is trying to move higher, as evidenced by Friday’s price action.
According to the analyst, the high of the candle on the chart is a possible target for the coming sessions. Analyst, “1. $835 guards the zone for $1,880 as follows, pointing to the daily chart below.