Gold Technical Reports: Next Week Gold Trading Zone $1768—$1818

Gold Technical Reports: Experts see rebound next week with an average target of $1,818. Both the monthly and the quarterly forecast show that the bullish expected to remain intact.

Gold’s near-term technical report seems to have turned neutral with a bearish bias. In addition to the fact that gold close below both the 100-day and the 200-day SMAs for the fourth straight day on Friday, the Relative Strength Index (RSI) indicator on the daily chart retreated below 50. 

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On the downside, the initial support is located at $1788, where the Fibonacci 38.2% retracement of the latest uptrend is located. A daily close below that level could open the door for additional losses toward $1780 (static level, Fibonacci 50% retracement) and $1760 (static level). 

Read More: Gold Weekly Report: Next Week Eyes on US CPI Data

The initial resistance could be seen in the $1806 area (psychological level, 50-day SMA, Fibonacci 23.6% retracement) ahead of $1812 (200-day SMA) and $1818 (100-day SMA). 

Gold Technical Reports: Next Week Gold Trading Zone $1768—$1818 via @goldsilverrepor
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