Gold Price Intraday Technical Forecast By Neal Bhai [08-06-2022]

Gold Price Intraday Technical Forecast: The Intraday chart for the gold (Yellow Metal) shows that the price managed to bounce from converging 20 and 200 SMAs, at around $1,840 Technical indicators have turned marginally higher but without strength enough to confirm further gains, as the RSI is still below its mid-line.

The bullish potential is limited according to the 4-hour chart. The Momentum indicator advances within negative levels, while the RSI lost its directional strength, now flat at around 51. Furthermore, the bright metal is developing below a firmly bearish 200 SMA, while the shorter ones remain directionless. Gold would need to run beyond $1,870, the mentioned 200 SMA, to have chances of advancing further towards the $1,900 price zone.

Gold Monthly Forecast, June 2022

Uptrend scenario

The uptrend may be expected to continue, while pair is trading above support level $1778 which will be followed by reaching resistance level $1892 and if it keeps on moving up above that level, we may expect the pair to reach resistance level $1922.

Downtrend scenario

An downtrend will start as soon, as the pair drops below support level $1775, which will be followed by moving down to support level $1720.

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5 thoughts on “Gold Price Intraday Technical Forecast By Neal Bhai [08-06-2022]”

  1. मंगलवार (Tuesday) को सोना 1,850 डॉलर के आसपास रहा

    मंगलवार को सोने की कीमतों में तेजी के साथ-साथ ओपन इंटरेस्ट में कमी आई, जिससे निकट अवधि की कीमत की कार्रवाई नीचे की ओर झुक गई। इस बीच, कीमती धातु का औंस ट्रॉय कुछ समय के लिए $1,840 — $1,850 क्षेत्र के आसपास नेविगेट करना जारी रखता है।

  2. Gold Price bears the burden of strong Treasury bond yields:

    US 10-year Treasury bond yields rise 1.7 basis points (bps) to 3.057% during the three-day uptrend. In doing so, the benchmark bond coupons brace for the second weekly gain while poking the monthly top marked the previous day. Fears of aggressive central bank actions could be linked to the recent run-up in the bond yields.

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