Gold Price Forecast: Gold Eyes Pre-Fed Bumpy Ride

Gold Price Forecast: Gold is moving back and forth in narrow range so far this Tuesday, holding onto the previous recovery gains amid a cautious market mood. The US dollar is trading broadly subdued amid a sell-off in the shorter-duration Treasury yields, benefitting the non-yielding gold.

Gold Price Forecast

Gold Price Forecast: Investors believe that the Fed will announce tapering on Wednesday but may push back the expectations of rate hikes. Looking ahead, the pre-Fed anxiety and the dynamics in the yields will continue to play amid a data-light US docket. The Technical Confluences Detector shows that gold is looking to recapture the previous day’s high of $1796 on its upward march.

The Fibonacci 61.8% one-week coincides at that level. Immediate upside barrier appears at $1798, which is the Fibonacci 23.6% one-month. Acceptance above the latter will fuel a sharp rally towards $1805, the intersection of the pivot point one-week R1 and pivot point one-day R2.

Further up, the previous week’s high of $1810 will be the level to beat for gold bulls. Meanwhile, the SMA200 one-day at $1792 will cap any pullback in gold price. The next strong support awaits at $1789, where the Fibonacci 38.2% one-month and SMA10 four-hour intersect. The confluence of the SMA100 one-day and Fibonacci 38.2% one-week at $1786 will then be on the sellers’ sights.

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Gold Price Forecast: Gold Eyes Pre-Fed Bumpy Ride via @marketinvestor
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