Spot Gold price Short Term Technical Forecast [07-Dec-2022]

Spot Gold Forecast: The gold (Yellow Metal) daily chart shows that it has been consolidating at the lower end of its weekly range, neutral-to-bullish, according to technical readings.

The pair is developing above a bullish 20 SMA, which keeps advancing above a flat 100 SMA. At the same time, a directionless 200 SMA caps the upside at around $1,804. At the same time, technical indicators have turned flat due to the absence of volatility, with the Momentum around its 100 level and the RSI at around 52.

The near-term picture offers limited bullish potential. In the 4-hour chart, the pair develops above its 100 and 200 SMAs, both maintaining their upward slopes, while the 20 SMA is flat at around $1,809. At the same time, technical indicators remain horizontal within negative levels, reflecting the absence of buying interest. Bears could have better chances if the pair breaks below a strong static support level located at $1,749.

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