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 prices are struggling below $1,800 following the previous week’s downside momentum. The prices find it difficult to hold the psychological $1,800 level amid US Fed’s tapering timeline expectations and a firmer US dollar.