Yellow Metal Price Forecast, Gold Intraday Technical Outlook: The yellow metal (Gold) attracted some dip-buying near the $1,842 region on Tuesday. The overnight optimism led by the easing of COVID-19 lockdowns in China turned out to be short-lived amid doubts if central banks can hike interest rates to curb inflation without impacting economic growth.
Gold Intraday Technical Outlook
Gold (Yellow Metal) has been seesawing around the current level for over a week now and is technically neutral. The daily chart shows that the price is stuck around a mildly bearish 20 SMA, while between the longer ones, which lack directional strength. At the same time, technical indicators hover around their midlines, with the Momentum advancing modestly but the RSI flat at around 47.
Technical readings in the 4-hour chart also reflect the absence of directional strength, as technical indicators eased within positive levels but without hinting at a certain directional move. Meanwhile, the bright metal rests above a flat 20 SMA, which develops over a mildly bearish 100 SMA.
Overall, the downside seems limited as long as Gold Price holds above $1,837, a strong static support level, but gains seem unlikely unless the metal picks up above $1,872. Given the broad dollar weakness, risk-off headlines could end up benefiting gold.
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