Gold Technical Outlook Report : The Gold Relative Strength Index (RSI) indicator is moving sideways around 50, confirming gold indecisiveness in the near-term. Additionally, the pair is fluctuating between the Fibonacci 38.2% and 50% retracement levels of the six-day-long uptrend witnessed earlier in the month.
Gold Technical Forecast Reports
On the downside, the initial support aligns at $1,816 (Fibonacci 50% retracement) ahead of $1,807 Fibonacci %61.8 retracement. With a break below the latter, gold could target $1,800 psychological key level. Below $1807 Target price $1785——$1765.
The initial resistance could be seen at $1,827 Fibonacci 38.2% retracement. Above that level, the 100-SMA forms the next hurdle at $1,835, which is also reinforced by the Fibonacci 23.6% retracement