TAG: goldforecast
Gold Price Forecast: Set to Close at New High, Higher Targets in Sight
Gold reached the 2,277-target zone today on a new trend high. This is the fifth day up for gold and it is set to close at a new record high again today, Tuesday. Momentum remains strong and although there might be a pause before prices move higher, demand...
6 months ago
Gold Price Forecast: New Record High but Faces Potential Resistance
Gold looks to have stalled on Tuesday, following a new record high of 2,365 reached earlier in the session. It hit a potential resistance zone yesterday, based on Fibonacci confluence. The confluence zone shown on the chart is confirmed by more Fibonacci...
6 months ago
Gold Price Forecast: Sellers Take Charge for the Day
Gold triggers a short-term bearish signal on a drop below yesterday’s low of 2,337. Also, it is on track to close below that level further confirming weakness and increasing the chance for a deeper pullback. As of this week’s new record high of 2,365, gol...
6 months ago
Gold Price Forecast: Resistance at Fibonacci Confluence, Bullish Momentum Persists
Gold continues to press up into a resistance zone that has stalled the ascent since Monday. Support for the sharp rally is around the 8-Day MA at 2,322. It remains the most sensitive level to watch for a sign of a change. A decisive drop below the line co...
6 months ago
Gold Price Forecast: Record High of 2,431 Hit Before Retracing: What’s Next?
The runaway advance in gold headed to a new record high of 2,431 before resistance kicked in and turned the trend back down on an intraday basis. It looks like today could be the top for now. Today’s high exceeded the top of a Fibonacci confluence zone wi...
6 months ago
Gold Price Forecast: Buyers Remain in Control
Following last week’s record high of 2,431 in gold, it has been testing support around the 8-Day MA, now at 2,354. Yesterday, it bounced off a low of 2,324 thereby successfully completing a 38.2% Fibonacci retracement. Also, support has been seen above th...
5 months ago
Gold Price Forecast: Support Levels Hold, Upside Potential Remains
Volatility in gold declines on Wednesday as pulls back to find support at 2,361. That is just above the 8-Day MA at 23.59. Another successful test of support at the 8-Day line keeps open the possibility of a continuation of the advance. The 8-Day line has...
5 months ago
Gold Price Forecast: Holds Strong Above Support, Uptrend Intact
Gold continues to hold above support around the 8-Day MA indicating that the near-term uptrend remains in place. That dynamic support trend indicator was only breached once in any meaningful way on Monday, but quickly rebounded. You can see how the 8-Day...
5 months ago
Gold Price Forecast: Uptrend Faces Challenges
Gold remains strong and in a clear uptrend, yet risks remain. It has been advancing in a rising consolidation pattern along support of the 8-Day MA since the pullback low on April 10. Bullish momentum has declined during this phase and gold has struggled...
5 months ago
Gold Price Forecast: Intraday Bullish Reversal Shows Strength
Gold completed a 50% retracement today with a low of 2,291 before buyers took control and ran the precious metal up to a high of 2,334, at the time of this writing. Earlier in Tuesday’s session the sellers were in control and dropped gold down to below it...
5 months ago
Gold Price Forecast: No Progress from Bullish Setup
There was little upside follow through on Wednesday, following a brief breakout above Tuesday’s hammer candlestick pattern. The high for the day was 2,337 and yesterday’s high was 2,334. Gold ended above the 20-Day MA on Tuesday following an earlier decli...
5 months ago
Gold Price Forecast: Short-Term Bullish Momentum but Resistance Looms
Gold traced out an outside day today as it continues to flirt with the 20-Day MA as resistance. Earlier in the session gold fell to a low of 2,305 where it encountered support the led to an upside breakout above Wednesday’s 2,337 high. Today’s high was 2,...
5 months ago
Gold Price Forecast: Faces Resistance, Risk of Deeper Pullback Looms
Although gold has been slowly moving higher the past few days it encountered resistance at the 8-Day MA today with a high of 23,352. The 8-Day line has recently turned down, adding to the risk of a deeper pullback. The 8-Day line was previously an area of...
5 months ago
Gold Price Forecast: Struggles Amid Technical Challenges
Not much of a change for gold on Monday as it continues to attempt to advance from the 2,291-swing low hit last Tuesday. Although it is on track to close in the top quarter of the day’s range with a bullish hammer candlestick pattern it remains stuck arou...
5 months ago