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Gold Q1 2022 Technical Forecast: Gold Technical Outlook – Struggling For Direction

Gold Q1 2022 Technical Forecast: Gold Technical Outlook – Struggling For Direction

Ilya Spivak, Head Strategist, APAC

Gold ended a two-year uptrend in August 2020. A modest pullback from there gave way to sideways drift in March 2021. Prices are now idling near the mid-point of the choppy range that has been carved out since. It is unclear whether the standstill will mark a base for renewed gains or a pause before the down move from the 2020 top is re-engaged.

Spot Gold (XAU/USD) – Weekly Chart

Gold Q1 2022 Technical Forecast: Gold Technical Outlook – Struggling For Direction

Chart created with TradingView

Zooming in to the daily chart, prices are attempting to grind upward through mid-range congestion near the $1800/oz figure. A sequence of higher highs and lows cautiously favors gains within the well-established $1677-1917 band. Immediate resistance is at 1808.16, followed by barriers in 1834 and 1871. Key supports are at 1750.78, 1818.89 and 1676.91.

Spot Gold (XAU/USD) – Daily Chart

Gold Q1 2022 Technical Forecast: Gold Technical Outlook – Struggling For Direction

Chart created with TradingView

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

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