Gold Forecast And Technical Outlook For Today [30-03-2022]

Gold Forecast And Technical Outlook For Today: The spot gold price (Yellow Metal) is stalling at an hourly resistance zone near $1926—$19,33 while Russia promised at the peace talks in Istanbul to drastically scale down its military operations around Kyiv and the northern Ukrainian city of Chernihiv.

Gold (Yellow Metal) trimmed most of its early losses but remains in the red. The daily chart shows that the upside is being limited by $1,926, the 50% retracement of this year’s rally, while buyers surged around the 61.8% Fibonacci retracement of the same movement at around $1,890.00. In the mentioned time frame, The Momentum indicator has bounced from extreme levels but remains well into negative territory, while the RSI indicator heads marginally lower at around 47. Meanwhile, the 20 SMA is flat converging with the immediate Fibonacci resistance level.

The 4-hour chart shows that the bright metal is currently developing below all of its moving averages, while technical indicators bounced modestly from oversold readings, all of which maintains the risk skewed to the downside. A daily close above 1,926 should signal easing bearish pressure and favor a recovery within range in the following sessions.

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