Gold Price Forecast: XAUUSD still targets $1,722 despite oversold RSI
|Gold Price is attempting a minor recovery towards $1,750. The yellow metal is oversold but selling not over yet, with $1,722 still in sight, FXStreet’s Dhwani Mehta reports.
Bears bide time before next push lower
“On the daily chart, gold price remains on track to challenge the rising channel target aligned at $1,722, as the latest bounce is only seen as temporary.”
“The renewed upside in the metal could be attributed to the oversold conditions on the 14-day Relative Strength Index (RSI), which is currently at 28.40.”
“The ongoing road to recovery could be immediately capped by the $1,750 psychological level, above which a fresh upswing towards the powerful hurdle around $1,775 cannot be ruled. That level is the confluence of the January 28 low and the previous day’s high.”
“If sellers regain control, then the $1,700 mark will be at risk on a sustained move below the abovementioned crucial support at $1,722.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.