As gold prices consolidate above $1,790, investors are looking for predictions on what the price of the precious metal might change. Meanwhile, two analysts offered their comments on gold.
Rajan Dhall: These levels should be watched for gold prices
As we reported , gold prices instinctively rose after the COVID-19 variant reports. According to analyst Rajan Dhall, momentum has since plummeted and gold prices have consolidated again. Sharing the chart below, Dhall thinks a price of $1,800 is reasonable right now. Apart from that, the price has also bounced back to the top of the trend lines.
When the price fell, it found support at the upward sloping trendline marked in gray. Looking at the lower levels, Dhall thinks that the current wave at $ 1777 may be in focus as the bottom. The support levels to watch are $1,750 and $1,720, while the main resistance level is located around $1,879. This is the level at which price stopped in its last smooth move before the Fed talked about accelerated tapering.
Todd Horwitz: Gold should be sold at these levels
BubbaTrading’s market strategist Todd Horwitz also made predictions about the price of gold. The next level of support for gold is $1,750, according to Horwitz; If that fails, $1,700 is in the game. Stating that gold should find some support here, Horwitz says that if there is a rally at this level, there may be a selling opportunity and uses the following expressions:
Gold should find some support around here; The best action would be consolidation. If a rally is seen from here, there is a bearish and selling opportunity. The steep decline may also continue, but the bounce is a day or two away. Must sell during this bounce, resistance at $1,810.