Gold Forecast for Next Week | Next Expected Target on the Downside for Gold Aligns at $1,760

Gold Forecast for Next Week: The GoldSilverReports Sentiment Poll points to a bearish shift in the near-term but the average target of $1,770 on the one-week view suggests that losses could be limited. The on-month outlook paints a mixed picture with a 39% bullish bias against a 38% bearish bias.

Gold Price Target of Next Week By Neal Bhai

The Fed will go into the blackout period on Saturday, December 4, and we will not get any comments from policymakers until December 16. However, market participants will keep a close eye on developments surrounding the Omicron variant. On Friday, “we are confident that vaccinated people and those with booster shots will have sufficient protection against severe disease,” said BioNTech CEO Ugur Sahin. As long as investors remain confident that Omicron will not put major pressure on the health care system even if vaccines need to be adjusted, the Fed is likely to remain on its tightening path and limit gold’s recovery attempts.

The economic docket won’t be featuring any high-impact data releases in the first half of the week and the risk perception could continue to drive financial markets.

Read More: Live Gold Silver Analysis For Today By Neal Bhai

On Friday, the US Bureau of Labor Statistics will release Consumer Price Index (CPI) figures for November. The annual core CPI is expected to edge lower to 4.3% from 4.6% in October. When the October CPI print surpassed the market expectation, Gold shot higher with the initial reaction. We could see a similar reaction in case the report reveals that the CPI continued to increase in November. A hot inflation reading, however, would also provide a boost to the dollar, not allowing gold to capitalize on the data.

Gold Technical Analysis and Gold Forecast By Neal Bhai

Gold failed to close above the 100-day and the 200-day SMAs twice this week despite rising above those levels, suggesting that sellers remain in play as long as these resistances stay intact. Additionally, the Relative Strength Index (RSI) indicator on the daily chart stays near 40, confirming the view that Gold (Yellow Metal) is struggling to gather recovery momentum.

On the downside, interim support seems to have formed at $1,760 (December 2 low) ahead of $1,745 (static level). A daily close below the latter could open the door for additional losses toward $1,740—$1,727—$1708.

$1,780 (Fibonacci 61.8% retracement of the latest uptrend) aligns as first resistance before $1,795 (100-day SMA, 200-day SMA) and $1,804 (psychological level, Fibonacci 50% retracement).

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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