Ounce gold is trading at $1,808 at the time of writing and closed the week at a relatively high level. Cryptocoin. com
As we have previously reported as , it rose as high as $1.812 before seeing these levels at the weekly close. So, what are the important levels in the precious metal? Here is an analyst’s gold price prediction
Gold price prediction from the analyst: What will happen next week?
According to analyst Dhwani Mehta, the Doji candle seen below on Thursday does not seem to discourage the bulls as the gold price showed an impressive bounce on Friday despite staying in the last trading range. Gold bulls managed to maintain the critical short-term 21-day DMA at $1,796 and a one-day close above the same level opens more upside doors next week, according to Mehta. Also, the 14-day Relative Strength Index (RSI) has steadily risen to the centerline, suggesting that the price is turning in favor of the bulls.
According to the analyst, gold buyers are watching the horizontal 200-day movingollary average, which aligns at $1,828. The 21-day movingollary average, on the other hand, could limit any pullback from higher levels, according to the analyst. Below this level, a test of the horizontal 100 DMA support at $1,790 is likely. Mehta, “1. A sustained break below $790 could push the downtrend towards two-month lows of $1,751.”