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Gold Price Outlook: Gold Falls to Critical Support


MongiIG

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GOLD ANALYSIS AND NEWS:

  • Gold dragged lower by a firmer USD and rallying bond yields
  • Key support eyed on Gold with YTD low under threat

Gold Price Outlook: Gold Falls to Critical Support

 

GOLD REJECTS 1800 AS USD PICKS UP MOMENTUM

A firmer USD and a renewed rally in global bond yields have dragged gold prices, breaking through mild support at 1720-25 to now look at falling through 1700. What’s more, rising China growth concerns as another city will be placed under lockdown measures also add to the pressure on both gold and silver. Recent talk of the ECB gearing up for a 75bps rate hike is likely to keep the precious metal under pressure until next week’s monetary policy meeting. As such, a close below 1700 opens the door back towards key support at 1675-85, while the 200WMA also sits at 1670. Now while technically this should offer good support, the key catalysts in dictating the next significant move will be the upcoming NFP and US CPI report. That being said, should gold close below 1670, the path of least resistance would be for a move towards 1600.

Gold Chart: Daily Time Frame

Gold Price Outlook: Gold Falls to Critical Support

Source: Refinitiv

 

Sep 1, 2022 | DailyFX
Justin McQueen, Strategist

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