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Gold Price (XAU/USD) Looks Set to Test Multi-Month Support


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Gold price forecast: XAU/USD lacks directional conviction on conflicting  market forces | IG South Africa
Jul 14, 2022 | DailyFX
Nick Cawley, Strategist

Gold Price (XAU/USD), Chart, and Analysis

  • Gold is challenging support and looks set to break lower.
  • Super-sized US rate hikes weigh on the precious metal.

The weekly gold chart is looking weak with the precious metal likely to test an important support zone between $1,667/oz. and $1,676/oz. Before this test, gold will likely find short-term, big figure support at $1,700/oz. but this is unlikely to hold. A look at the CCI indicator shows that gold is at its most oversold level since March 2021 and this may slow any further sell-off. Initial resistance is seen between $1,721/oz. (late-September 2021 swing low) and $1,726/oz. (38.2% Fibonacci retracement) before $1,750/oz. comes into view.

GOLD WEEKLY PRICE CHART – JULY 15, 2022

Gold Price (XAU/USD) Looks Set to Test Multi-Month Support

 

What is your view on Gold – bullish or bearish?

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