Spot Gold Forecast: Gold Support $1,808, Keep Eye on US Data

Spot Gold Forecast: Considering the yellow metal’s moves since April 18, gold portrays a falling wedge bullish chart pattern on the four-hour play. That said, nearly oversold RSI (14) keeps gold buyers hopeful of further recovery moves.

  • Gold price extends rebound from 3-month low towards refreshing daily high.
  • Improvement in risk appetite adds strength to recovery moves inside bullish chart pattern.
  • Fed’s Powell, headlines from China underpin latest cautious optimism ahead of US Michigan Consumer Sentiment Index for May.
  • Gold Price Forecast: Yellow Metal dead cat bounce could seek validation at $1,845

However, a clear break of $1,857, comprising the resistance line of the wedge, won’t be enough for the gold buyers as the 50-SMA level, near $1,863, will act as an extra filter to the north before confirming the upside move.

That said, the monthly peak of $1,909 and late April’s swing high near $2,000 can act as crucial resistances during the metal’s run-up towards the theoretical target surrounding $2,052.

Alternatively, a downside break of the recent low, close to $1,810, will need validation from the $1,808 threshold before directing gold sellers towards the yearly bottom surrounding $1,723.

सोशल मीडिया अपडेट्स के लिए हमें
Facebook (
https://www.facebook.com/goldsilverreports/ )
linkedin (
https://www.linkedin.com/in/nealbhai/ )
 
और Twitter ( https://twitter.com/goldsilverrepor ) पर फॉलो करें।

हमारी फ्री सर्विस और लोगो की paid सर्विस से कई गुना अच्छी है।
आपको हर दिन दिए जाएंगे 3 से 5 कॉल बिलकुल फ्री
हर CALL में PROFIT दिये जायेंगे
तो जल्दी से MCX CHANNEL को JOIN कर लो (NEAL BHAI REPORTS)
JOIN US CLICK HERE

EQUITY CHANNEL को JOIN कर लो (EQUITY FREE TIPS)
JOIN US CLICK HERE

Spot Gold Forecast: Gold Support $1,808, Keep Eye on US Data via @goldsilverrepor
  • Save

2 thoughts on “Spot Gold Forecast: Gold Support $1,808, Keep Eye on US Data”

Leave a Comment

Copy link