Gold Technical Outlook – Struggling For Direction

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Gold ended a two-year uptrend in August 2020. A modest pullback from there gave method to sideways drift in March 2021. Prices at the moment are idling close to the mid-point of the uneven vary that has been carved out since. It is unclear whether or not the standstill will mark a base for renewed positive factors or a pause earlier than the down transfer from the 2020 high is re-engaged.

Spot Gold (XAU/USD) – Weekly Chart

Chart created with TradingView

Zooming in to the day by day chart, costs are trying to grind upward by means of mid-range congestion close to the $1800/oz determine. A sequence of upper highs and lows cautiously favors positive factors inside the well-established $1677-1917 band. Immediate resistance is at 1808.16, adopted by obstacles in 1834 and 1871. Key helps are at 1750.78, 1818.89 and 1676.91.

Spot Gold (XAU/USD) – Daily Chart

Gold Q1 2022 Technical Forecast: Gold Technical Outlook – Struggling For Direction

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