Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
Gold Price Technical Outlook Looks Near-term Bearish

Gold Price Technical Outlook Looks Near-term Bearish

What's on this page

Gold Price Technical Outlook: Bearish

  • Sizable resistance standing in the way
  • General short-term trend and price action look bearish
Gold Forecast
Gold Forecast
Recommended by Paul Robinson
Check out the Q4 Gold Forecast
Get My Guide

Gold looks poised to decline in the week ahead

Gold experienced a little strength last week as it recovered from its worst levels since July, but this isn’t expected to last. There is resistance and a generally weak trend off the August high that look poised to keep gold pointed lower. The bounce, itself, has a corrective look to with a ‘wedge-like’ pattern developing – this suggests price action is corrective in nature.

A turn down and decline below 1848 will have the important area surrounding 1800 in focus. It’s a level that gold hesitated at in July before exploding to new record heights. Its importance resulted from three peaks created during 2011 and 2012 as part of the topping process gold underwent before falling into a multi-year bear market.

Looking a bit further ahead, the next few months should bring some volatile trade. While the short to intermediate-term looks skewed towards more weakness, the broader trend remains pointed higher. If price holds the 1800 area mentioned above, then that could end the decline for the bigger picture rally to reassert itself. A little more weakness below there and the rising 200-day MA (currently 1735) may come into play and could be the support needed to end the bull market correction.

Before thinking about that, in the near-term I will be watching for a rejection from resistance and breaking of the short-term corrective bounce to become more aggressively biased towards the downside.

Gold Price Hourly Chart (Price action looks corrective)

Gold Price Hourly Chart

Gold Chart by TradingView

Gold Price Daily Chart (looks headed lower for now)

Gold price Daily Chart

Gold Chart by TradingView

Gold Price Weekly Chart (2011/12 peaks could be important again)

Gold Price weekly chart

Gold Chart by TradingView

Gold Forecast
Gold Forecast
Recommended by Paul Robinson
Check out the Q4 Gold Forecast
Get My Guide

Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES