As we start a new week, expectations about the direction of the gold price are coming to light. Famous analyst Nenad Kerkez shares a graphic and comments on the subject.
Price range in gold price
Gold moved with a large price range as seen last week. Both ups and downs in the market signaled the changing movement. Kerkez states that the yellow metal price is still in an upward trend due to this movement.
Stating that the bottom levels were purchased at the level of $ 1, 770, Kerkez states that if the level of $ 1,790 is broken, the levels of $ 1,810 and $ 1,831 can be seen. Noting that the accumulation is at this stage, Kerkez points out that a break is only a matter of time. However, if the price range continues, Kerkez points out that the $ 1,770 level can be seen again, noting that the approach is clearly bullish.
A crossroads coming?
There are signs that the gold price is at a crossroads as it meets the critical structure. 61% monthly to support the price of yellow metal bulls. It is stated that they are looking for an accumulation at the 8 Fibonacci level. The gold price has been under pressure recently and is testing a critical structure as shown in the top-down analysis below.
Looking at the price, it’s 61% below the yellow metal’s previous bullish impulse. 61% of the main bullish sentiment with 8 Fibonacci levels. It appears to be signing with 8 Fibonacci levels. This represents an important crossroads, according to analyst Ross J Burland.
When the analyst looks at the charts, he also points out that an upside correction is expected, an upside head-and-shoulders expectation.
Price, 23%. It has already resisted at the 6 Fibonacci level. On the other hand, 38%. The 2 Fibonacci level also seems to have an accumulation of a higher structure that is expected to be tested if support continues. Cryptocoin. com
As , when we look at the gram price of the yellow metal today, we see that the price is traded at 499. 8 Dollars. Let us remind you that the price closed last week above 500 Dollars.
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