Jump to content

Gold Price Outlook: Gold Falls to Critical Support


Recommended Posts


  • 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



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

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
    • Total Posts
    • Total Members
    • Most Online
      10/06/21 10:53

    Newest Member
    Joined 29/03/23 12:46
  • Posts

    • #EURJPY: Detailed Structure AnalysisHere are my latest structure analysis for ⚠️EURJPY.Support 1: 138.80 - 139.25 areaSupport 2: 137.38 - 138.18 areaResistance 1: 143.19 - 143.6 areaResistance 2: 145.00 - 145.58 areaResistance 3: 146.40 - 146.7 areaConsider these structures for pullback/breakout trading.
    • #USDCAD: Important Breakout   USDCAD broke and closed below a solid horizontal demand cluster on a daily. The broken structure turned into resistance now.   Probabilities will be high to see a bearish move from that. Goals will be 1.356 / 1.346 For Additional confirmation use: the best mt4 indicators
    • Dollar Index (#DXY): Key Levels to Watch This WeekHere is my latest structure for Dollar Index.Resistance 1: 103.11 - 103.63 areaResistance 2: 104.74 - 105.1 areaResistance 3: 105.667 - 105.88 areaSupport 1: 100.82 - 100.88 areaConsider these structures for pullback/breakout trading.For Additional confirmation use: Swing Trading Indicators
  • Create New...