Spot Gold Forecast: Considering the yellow metal’s moves since April 18, gold portrays a falling wedge bullish chart pattern on the four-hour play. That said, nearly oversold RSI (14) keeps gold buyers hopeful of further recovery moves.
- Gold price extends rebound from 3-month low towards refreshing daily high.
- Improvement in risk appetite adds strength to recovery moves inside bullish chart pattern.
- Fed’s Powell, headlines from China underpin latest cautious optimism ahead of US Michigan Consumer Sentiment Index for May.
- Gold Price Forecast: Yellow Metal dead cat bounce could seek validation at $1,845
However, a clear break of $1,857, comprising the resistance line of the wedge, won’t be enough for the gold buyers as the 50-SMA level, near $1,863, will act as an extra filter to the north before confirming the upside move.
That said, the monthly peak of $1,909 and late April’s swing high near $2,000 can act as crucial resistances during the metal’s run-up towards the theoretical target surrounding $2,052.
Alternatively, a downside break of the recent low, close to $1,810, will need validation from the $1,808 threshold before directing gold sellers towards the yearly bottom surrounding $1,723.
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