On the first trading day of 2022, an ounce of gold exceeded $1,800. So, what levels can be seen this week? As Kriptokoin.com we are citing the analysis of gold analyst Ross J. Burland…
The analyst drew attention to these levels on the gold chart
to Burland During the holidays, the gold price rose from the $1,800 psychological level to the $1,830 area, which is expected to act as resistance in the first tesdollarser, according to the report. The following are weekly, daily and 4 hourly views of the market structure.
As shown, the price is rising following another test of the weekly trendline support. The price broke the previous downtrend from the 61.8% Fibonacci retracement levels. The 61.8% rate is seen as a significant possibility for a pivot in price action, according to Burland. In this scenario, the bears may be looking for areas to hold on, potentially resulting in a bearish opportunity on the lower timeframes. “However, if the resistance area gives way, the bulls will be encouraged and the price is expected to move towards $1,850,” Burland said. The daily and 4-hourly charts are as follows:
From a 4-hourdollarsic perspective, the resistance level is above the price in the first attempts to open this week. even though it sees it fail, the bulls are in charge. Burland expects $1,820 to act as support before $1,805, according to the neckline of the W-formation shown in the chart below. At the time of writing, the price of gold is changing hands at $1,823, down 0.2 percent.