Gold Price Forecast: Gold Eyes $1801 as the Next Bullish Target

Gold Price Forecast: Gold price is approaching the $1800 mark, holding near the highest levels in five days, as the US dollar fades its recovery rally amid improving market mood. although the bulls appear to lack follow-through upside amid a rebound in the US dollar across the board.

Gold Price Forecast: Gold Eyes $1801

Gold Price Forecast: Gold price remains undeterred by the record run on the Wall Street indices, as growing inflation fears amid supply bottlenecks and rising energy prices, continue to benefit the traditional inflation hedge. However, it remains to be seen if gold price can hold the fort, in the face of persistent Fed’s tapering expectations.

The Technical Confluences Detector shows that gold is cheering a fresh bid-wave, as it approaches a critical hurdle at $1795-$1796, which is the convergence of the pivot point one-day R2 and Bollinger Band one-day Upper.

The next stop for gold bulls is seen at the confluence of the previous week’s high and the pivot point one-day R3 at $1801. A sustained break above the latter will open doors for a fresh rally towards the mid-September highs of $1809.

Gold Price Forecast

On the flip side, a dense cluster of support levels around $1789 caps the immediate downside. At that level, the previous day’s high coincides with the pivot point one-day R1 and Fibonacci 23.6% one-week. The next downside target is envisioned at $1786, which is the Fibonacci 23.6% one-day

Sellers will then look to test critical support at $1783, the intersection of the SMA10 four-hour, Fibonacci 38.2% one-day and SMA50 one-hour. The last line of defense for gold bulls is seen at $1781, the Fibonacci 61.8% one-day’s and Fibonacci 38.2% one-week’ meeting point.

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Gold Price Forecast: Gold Eyes $1801 as the Next Bullish Target via @marketinvestor
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