Gold Forecast for Today By Neal Bhai [17-06-2022]

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).

On the downside, a daily close below $1,836 (200-day SMA) could be seen as a bearish development and bring in sellers. In that scenario, interim support aligns at $1,830 (static level) ahead of $1,805 (static level) and $1,792 (psychological level).

In the meantime, the Relative Strength Index (RSI) on the daily chart stays slightly below 50, reflecting gold’s indecisiveness in the short term. Similarly, the Average Directional Index (ADX) indicator is now at its weakest level since early February at 12.

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Gold Forecast for Today By Neal Bhai [17-06-2022] via @goldsilverrepor
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