Gold Price Short Term Forecast [08-09-2022]

Gold Price Short Term Forecast: The Gold (Yellow Metal) pair neared a critical Fibonacci resistance level before resuming its slide, the 61.8% retracement of its July/August rally at $1,730, a sign that bears are willing to add on spikes. In the daily chart, the bright metal is developing below bearish moving averages, while technical indicators hold within negative levels, the Momentum flat but the RSI turning lower, in line with further slides ahead.

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Gold Tumbles to One-Month Low as Rates Look Likely to Stay High

Buy Spot Gold Above $1750 Target Price $1775—$1792 | Neal Bhai

The spot gold technical outlook remains bearish with gold failing to break above the 20-day SMA for the 18th straight trading day. Additionally, the Relative Strength Index (RSI) indicator on the daily chart stays slightly below 50, confirming the view that sellers are looking to remain in control of gold (Yellow Metal) action.

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