Gold Price Forecast: the near-term levels for gold price remain more or less the same, as traders yearn for a range breakout.
Yellow Metal Trade Reports: Commodity prices traded lower with most of the commodities in the non-agro segment ended lower during the week as stronger dollar and recession fears dampened demand.
Copper Forecast Today: Copper futures on COMEX stand on slippery grounds near $4.00, poking the lowest levels since August 2021, as economic fears weigh on the industrial metal during early Monday in Europe.
MCX Gold Tips For Next Week: We saw a sharp fall from $1,840 to $1,817 yesterday after news of Russian officials and Ukraine officials meeting flashed. However gold reversed those losses and gained till $1,857.
Gold Forecast for Today: Gold Price lost its bullish momentum on Friday. The Fibonacci 23.6% retracement level of the latest downtrend and the 20-day SMA form the first resistance at $1,850. In case gold starts using that level as support, it could target $1,868 (50-day SMA, Fibonacci 38.2% retracement) and $1,892 (100-day SMA).
Gold Price Forecast: The Technical Confluence Detector shows that Gold Price is testing bids at $1,840, where the SMA10 one-day coincides with the Fibonacci 61.8% one-week.