Gold Price Forecast: Gold Pivots Around $1800

Gold Price Forecast: With markets reassessing the Fed’s tightening expectations after the US Q3 GDP miss, gold price lacks impetus so far this Friday, pivoting around the $1800 level. The bond market rout extends, with the yield curve flattening in play, which helps put a floor under gold price.

Gold Price Forecast: Gold Pivots Around $1800

Gold Price Forecast: The bright metal now looks forward to the Fed’s preferred inflation gauge, the Core PCE index, for fresh trading impulse. Meanwhile, the month-end flows and pre-FOMC cautious trading could influence gold’s performance.

The Technical Confluences Detector shows that gold is trading listlessly below the powerful hurdle at $1802, where the previous high four-hour, Fibonacci 23.6% one-week and SMA5 four-hour converge. Acceptance above the latter is critical to extending the previous gains towards the Fibonacci 23.6% one-day at $1804.

The next stop for gold bulls is envisioned at $1809, which is the confluence of the previous day’s high, pivot point one-day R1 and Bollinger Band one-day Upper. The previous week’s high of $1814 will then grab the buyers’ attention.

Gold Price Forecast: Gold Pivots Around $1800

Further up, the bulls will look to clear a bunch of resistance levels around $1820, which is the intersection of the pivot point one-day R2, pivot point one-month R1 and pivot point one-week R1. Alternatively, the immediate decline could be capped at $1796, which is the meeting point of the previous low four-hour and SMA5 one-day.

The next significant support is seen at $1793, the convergence of the previous day’s low and SMA200 one-day. Further south, the confluence of the Fibonacci 61.8% one-month and pivot point one-day S1 at $1791-$1790 will be the level to beat for gold bears.

हमारी फ्री सर्विस और लोगो की paid सर्विस से कई गुना अच्छी है।
आपको हर दिन दिए जाएंगे 3 से 5 कॉल बिलकुल फ्री
हर CALL में PROFIT दिये जायेंगे
तो जल्दी से MCX CHANNEL को JOIN कर लो (MCX MARKET INVESTOR TIPS)
JOIN US CLICK HERE

EQUITY CHANNEL को JOIN कर लो (EQUITY FREE TIPS)
JOIN US CLICK HERE

सोशल मीडिया अपडेट्स के लिए हमें Facebook ( https://www.facebook.com/marketinvestor ) और Twitter ( https://twitter.com/marketinvestor2/ ) पर फॉलो करें।

Gold Price Forecast: Gold Pivots Around $1800 via @marketinvestor
  • Save

Leave a Comment

96 views
Copy link