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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View More
Gold Price Forecast – XAU/USD Looking Lower in the Near-term

Gold Price Forecast – XAU/USD Looking Lower in the Near-term

Paul Robinson, Strategist

Gold Price Technical Outlook: Bearish

  • Gold looks likely to turn down again
  • Slope from March 2020 and major shelf near 1676 in focus
Gold Forecast
Gold Forecast
Recommended by Paul Robinson
Check out the Q4 GOLD Forecast
Get My Guide

Gold Price Forecast – XAU/USD Remains Pointed Lower

Gold has been trying to string together a rally as of late, but its inability to get into gear suggests that recent strength is nothing more than a corrective move in an ongoing downtrend. Looking lower, there is a slope from March 2020 that will quickly come into focus.

The major level on the market’s mind is around 1676, a level that began as resistance just prior to the onset of the pandemic. Since then it has been used as support on numerous occasions, with the most recent test coming during the August flash-crash (actual low then was 1681).

From a tactical perspective, would-be shorts may want to use last week’s high at 1781 as a threshold for assessing risk on stop-losses. This would leave good risk/reward for trades should we see gold test the big level in question.

For would-be longs, it appears prudent to be patient and wait for a better set-up before trying to fight the current tone and trend of the market.

Futures for Beginners
Futures for Beginners
Recommended by Paul Robinson
New to Futures? Check out this guide.
Get My Guide

Gold Price Daily Chart

Gold Chart

Gold Chart by TradingView

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