Gold Technical Forecast [11-07-2022]

Gold Technical Forecast: Following this week’s price action, the Relative Strength Index (RSI) indicator on the daily chart dropped into the oversold territory below 30. The last time the daily RSI fell below in August 2021, Gold staged a technical correction and a similar action could be expected in the short term.

On the upside, $1,765 (former support, static level) aligns as first technical resistance ahead of $1,790 (former support, static level). A daily close above the latter could open the door for an extended recovery toward $1,800, where the descending trend line coming from early March and the 20-day SMA is located. As long as this level stays intact, however, sellers are likely to dominate the pair’s action following the correction.

On the downside, $1,730 (July 8 low) forms interim support ahead of $1,720 (static level) and $1,700 (psychological level).

Conclusion

GoldsilverReports Forecast Poll shows that experts remain overwhelmingly bearish on gold in the short term with the average target on the one-week view sitting at $1,716. 

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