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Gold Price Forecast – XAU/USD Testing Big Level of ’Hidden’ Support

Gold Price Forecast – XAU/USD Testing Big Level of ’Hidden’ Support

Paul Robinson,
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Gold Price Technical Outlook: Neutral

  • Gold is testing a level that has been in play many times
  • Current trend and tone suggest the level will break
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Gold Price Forecast – XAU/USD Testing Big Level of ‘Hidden’ Support

Gold is currently testing an important area of support that dates back to May 2020. The area around 1765 has been highly influential many times as support, with the most recent occurrence coming early last month before gold rallied nearly $120.

Thus far, the current test is an uninspiring one as the general tone and trend remain negative in the near-term. If gold can’t get into gear soon, then look for a break towards lower levels. The key is seen as how the developing descending wedge unfolds.

Turning to the 4-hr chart we can see a developing wedge that indicates a decline in volatility that will result in a burst in volatility.

A downward thrust into the 1750s could lead gold to a trend-line running up from March 2020, currently residing in the mid-1730s. A break below the trend-line would have the September low at 1722 in focus. On the flip-side, a top-side breakout will quickly have the 200-day moving average in play at 1791, followed by a recent spike-high at 1815.

All-in-all, gold is at a big spot on the daily chart and the pattern on the 4-hr chart is seen as determining how things play out. In wait-and-see mode until the short-term technical pattern confirms a break one way or the other.

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Gold Price Daily Chart

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Gold Price 4-hr Chart

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---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.