Gold Price Forecast: XAU/USD consolidates weekly losses, remains under pressure near $1800


  • Gold’s recovery capped by the $1,820 area, stays under pressure.
  • Improvement in risk sentiment offers limited help to the yellow metal.
  • On a weekly basis, XAU/USD is down almost 4%.

Gold bottomed at $1,799 on Friday, the lowest level since February. A recovery followed later that found resistance quickly at $1,820. The yellow metal remains under pressure.

Some risk returns, not for gold

Wall Street is rising sharply on Friday, on a recovery rally. Also, crude oil prices are printing important gains. US yields remain steady and the dollar is correcting lower. Usually, that environment should be positive for gold. It only helped the metal stay above $1,800.

On the contrary, Silver is staging a recovery back to the 21.00 area and is positive on Friday up 1.50%, while on a weekly basis it is down almost 6%, about to post the lowest close since July 2020.

Both metals remain under pressure in the current environment of higher interest rate, a weaker growth outlook and financial tensions. The technical perspective offers no improvement as the only positive is the extreme oversold readings in technical indicators. There is no sign of a rebound or a consolidation yet.

Gold is about to post a weekly decline of almost 4%, the second worst performance of the year and a close below the 20-week moving average, for the first time since January.

“A prolonged weakening of the dollar doesn’t look likely in the current market environment. The factors that have been driving the greenback’s valuation, namely the ongoing Russia-Ukraine conflict, heightened inflation fears amid lockdowns in China and the Fed’s tightening prospects, should remain intact next week. Hence, it would be reasonable to expect that gold’s recovery attempts are likely to remain limited in the short term”, explained Eren Sengezer, analyst at FXStreet.

Technical levels 

XAU/USD

Overview
Today last price 1808.99
Today Daily Change -12.83
Today Daily Change % -0.70
Today daily open 1821.82
 
Trends
Daily SMA20 1898.2
Daily SMA50 1929.29
Daily SMA100 1883.58
Daily SMA200 1835.98
 
Levels
Previous Daily High 1858.9
Previous Daily Low 1821.38
Previous Weekly High 1909.83
Previous Weekly Low 1850.44
Previous Monthly High 1998.43
Previous Monthly Low 1872.24
Daily Fibonacci 38.2% 1835.71
Daily Fibonacci 61.8% 1844.57
Daily Pivot Point S1 1809.17
Daily Pivot Point S2 1796.51
Daily Pivot Point S3 1771.65
Daily Pivot Point R1 1846.69
Daily Pivot Point R2 1871.55
Daily Pivot Point R3 1884.21

 

 

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