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Gold Price Forecast Sours as Losses Mount

Gold Price Forecast Sours as Losses Mount

Peter Hanks, Strategist

Gold Price Outlook:

  • After suffering steep losses Monday, gold declines have continued, threatening secondary support
  • Still, the fundamental outlook for the precious metal has remained constant
  • Thus, the longer-term outlook remains constructive but the shorter-term outlook has weakened

Gold Price Forecast Sours as Losses Mount

After suffering a substantial decline on Monday, gold has continued lower as the week has progressed. As a result, the shorter-term technical landscape has been upended as various levels of support have been broken. While the fundamental forces at play remain unchanged, the technical developments have seriously eroded gold’s near-term price outlook.

Gold (XAU/USD) Price Chart: 4 – Hour Time Frame (June 2020 - September 2020)

gold price chart

We recently highlighted potential support near $1,862 if gold weakness persisted. Evidently, the area has offered a modicum of support, but a brief period beneath the line may have caused irreversible damage to the technical level. Consequently, the path lower has likely been made easier for bears and they may look to extend lower still. Suffice it to say, support beneath the $1,862 area is rather sparse until $1,800.

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The $1,800 mark roughly coincides with the metal’s swing-highs in 2011 and 2012. Should it fail, the series of lower-lows will be continued, only weakening gold further. Therefore, $1,800 might be viewed as the “line in the sand” in the coming days as it looks to ward off an even deeper retracement.

Gold Price Chart: Weekly Time Frame (January 2010 – September 2020)

gold weekly price chart

Regardless, the longer-term outlook for gold from a fundamental standpoint has remained constant. With that in mind, recent losses may amount to healthy consolidation in the bigger picture, but they are not to be underestimated over shorter time horizons as gold appears increasingly vulnerable at this stage. In the meantime, follow @PeterHanksFX on Twitter for updates and analysis.

--Written by Peter Hanks, Strategist for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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