Gold Price Forecast: $1,790 Remains Tough Ahead of Fed

Gold Price Forecast: Ahead of the Fed verdict, the Omicron covid variant fears have gripped the market, putting a fresh bid under the safe-haven US dollar at gold’s expense. Meanwhile, the Treasury yields hold steady on expectations of faster Fed’s tapering and hint at a mid-2022 rate hike.

Gold Price Forecast: $1,790 Remains Tough

Gold Price Forecast: The Technical Confluences Detector shows that the gold price continues to run into strong offers at $1,790, which is the meeting point of the SMA100 one-day, Fibonacci 23.6% one-day and SMA100 four-hour. A decisive break above the latter could unleash the additional recovery towards the next powerful resistance at $1,793. At that level, the SMA200 one-day coincides with the previous week’s high and pivot point one-week R1.

Gold bulls will then target $1,796, the confluence of the pivot point one-day R2 and SMA50 one-day. A dense cluster of healthy resistance levels awaits at $1,804, the convergence of the Fibonacci 38.2% one-month, pivot point one-week R2 and pivot point one-day R3. Alternatively, the selling momentum could accelerate below the pivot point one-day S1 at $1,781.

Gold bears will then challenge the downside target at $1,779, where the Fibonacci 38.2% one-week meets with the SMA10 one-day. Further south, the intersection of the Fibonacci 161.8% and Fibonacci 23.6% one-week at $1,775. The last line of defense for gold buyers is the previous week’s low of $1,770.

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Gold Price Forecast: $1,790 Remains Tough Ahead of Fed via @marketinvestor
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