The gold price has remained firm despite the bearish bias from a technical perspective, as illustrated below where the $1,750s were marked out as a target for the closing sessions of the week.
Spot Gold
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Gold Price Sees a Dead Cat Bounce as Downside Remains Compelling
Gold price extended the previous week’s bearish momentum into the second straight day on Tuesday. The bright metal tumbled to fresh four-week lows of $1,770, incurring heavy losses in yet another volatile session triggered by Fed Chair Jerome Powell’s testimony and persistent Omicron covid variant fears.
Gold Price Forecast: Below $1790 Downside For Gold as Key Support
Gold Price Forecast: Gold price fell for the second straight day on Monday, starting out a fresh week on the wrong footing while extending the previous week’s broad decline. After reattempting the $1800 mark in the first half of the day, gold price came under fresh selling pressure and fell back to test the key $1,790 support zone.
Gold Price Forecast: Gold Broke The Four Day Trend of Decline
Gold Price Forecast: Yellow Metal edged higher on Wednesday and snapped four successive days of the losing streak to the lowest level since November 4, though lacked any follow-through buying.
Spot Gold Price Confirmed a Bear Flag on the 4H Chart
“Spot Gold price is attempting a tepid bounce amid a brief pullback in the greenback. The US currency lacks the follow-through upside bias, as investors switch onto the sidelines amid a Thanksgiving Day holiday in the US. Despite the rebound, the risks remain skewed to the downside as the Fed’s hawkishness will continue to underpin the sentiment around the dollar and yields.”
Gold Price Forecast: Gold Slip continues below $1795 – Neal Bhai
Gold Price Forecast: Spot gold (Yellow Metal) prices broke below a key area of support in recent trade, tumbling beneath both the 200 and 50-day moving averages, both of which sit close to $1795. As of right now, prices have recovered a little and gold price trading around $1785, meaning prices are down only, about 0.8% on the day. This follows Monday’s steep 2.2% down and means dollar-denominated gold has lost nearly $60 in value so far this week.
Gold Tips Today: Gold Below $1837 Remains Exposed to Downside Risks
Gold Tips Today: Gold is struggling to find its feet on Monday, having hit the lowest levels in two weeks at $1,839 on Friday.