Spot Gold Price Forecast: The combination of diverging forces held back traders from placing aggressive bets and led to subdued price moves for the third successive day on Monday. Nevertheless, the bias still seems tilted in favour of bearish traders as the focus now shifts to the latest US consumer inflation figures, due on Wednesday. Apart from this, the US monthly Retail Sales data and Prelim Michigan Consumer Sentiment on Friday will influence the USD price dynamics. Traders will further take cues from the broader market risk sentiment to grab short-term opportunities around gold.
- Gold Price extended its sideways consolidative move for the third successive day on Monday.
- The USD stood tall near a two-decade high amid Fed rate hike bets and acted as a headwind.
- Recession fears weighed on investors’ sentiment and offered support to the safe-haven metal.
Gold Technical Forecast
From a technical perspective, the recent price action constitutes the formation of a rectangle – a continuation pattern – on hourly charts. Sustained weakness below the trading range support, around the $1,727 region, will reaffirm the near-term bearish outlook and make gold price vulnerable. The downward trajectory could then drag the gold (Yellow Metal) towards the next relevant support near the $1,712 area, en-route the $1,700 round figure and August 2020 low, around the $1,680 region.
On the flip side, Friday’s peak, near the $1,747 zone, now seems to act as immediate strong resistance. Sustained strength beyond might trigger a short-covering move and lift gold price further towards the $1,770 — $1,780 strong horizontal support breakpoint. Some follow-through buying would suggest that the Gold has formed a near-term base and allow bulls to aim back to reclaim the $1,805 mark.
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