Spot Gold Forecast: Bearish Trend is Likely to Continue | Neal Bhai

Spot Gold Forecast: Gold price failed to break above $1,800 in August, with the downtrend continuing. Key supports of $1,700 and $1,675 have been broken. Strategists, Expect Gold (XAU/USD) to dive towards $1,624.

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Bearish trend is likely to continue

“A weekly close below $1,649 could trigger a heavy sell-off next week. That said, the price could consolidate after Thursday’s sell-off, ahead of the FOMC meeting on 20—21 September 2022.” 

“Bears could extend downside price moves to $1,624 and below.” 

“Immediate resistance lies at $1,710 and a break of this level would put the next resistance point at $1,740. While reversal of the trend could be possible if prices break critical level of $1,845.”

Spot Gold Latest Update By Neal Bhai [15-Sep-2022] HINDI: Spot Gold Forecast: Bearish Trend is Likely to Continue | Neal Bhai

Gold: Further weakness could revisit $1,580

Gold prices sold off sharply and printed new cycle lows near $1,660 on Thursday. The noticeable decline was on the back of rising open interest and volume and opened the door to the continuation of the downtrend in the very near term. That said, the next target of note appears at the April 2020 low at $1,580 per ounce troy.

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