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 Outlook: Sell-off Bringing Big Long-term Low in View

Gold Price Outlook: Sell-off Bringing Big Long-term Low in View

Paul Robinson,
What's on this page

Gold Technical Outlook:

  • Gold weakness has big long-term level coming into view
  • Area around 1676 a big one to watch, could induce a strong rally
Gold Forecast
Gold Forecast
Recommended by Paul Robinson
Check out the Q3 GOLD Forecast
Get My Guide

Gold finally came out of a coma and started to move this week, which now has a major level starting to come into view. The area immediately surrounding 1676 is an interesting one, with it having marked a double-bottom in 2021.

It first began as resistance in March 2020, but then became validated as support from May thru June of that year. Last year there were a couple of powerful lows created (double-bottom), making it a very big level to watch.

Viewing support within the context of a long-term uptrend it could present an opportunity for would-be longs. A thorough testing of the level could present a set-up for both short-term traders looking for a fade off an important level and for big-picture traders looking to time a macro trade back to record highs and possibly higher.

Ideally, we see the level broken by a marginal amount but quickly reclaimed. This ‘rinse and reverse’ price action can lead to powerful moves in the opposite direction.

For now, price is still yet to test the 1676 area and on that there is still room for traders looking to take advantage of shorts. But as we close in on support risk/reward will quickly become skewed negatively against bearish wagers.

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

Gold (GC1!) Weekly Chart

gold weekly chart

Gold Futures 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