Gold Weekly Forecast for Week 39

Gold Weekly Forecast for Week 39, 2022

Will sellers continue to ignore oversold conditions?

Gold managed to stay resilient for the majority of the week amidst the volatile market action. Though it suffered heavy losses on Friday, ending up losing nearly 2% on a weekly basis. The economic docket won’t be offering any high-tier data releases in the first half of next week. Traders though, could look for signs pointing to the beginning of a technical correction. In this article, we’ll detail Gold Weekly Technical Forecast for Week 39, 2022.

Gold technical outlook

Gold is trading near the lower limit of the descending regression channel coming from March. Additionally, the Relative Strength Index is about to drop below 30, pointing to oversold conditions. In case XAU/USD starts correcting, $1,660 (mid-point of the descending channel) could be seen as the first recovery target ahead of $1,680 (static level) and $1,700 (20-day SMA).

On the downside, a daily close below $1,640 (static level from April 2020) could bring in additional sellers and cause gold to extend its slide toward $1,630 (static level from April 2020) and $1,615 (static level from April 2020).

Gold Weekly Forecast for Week 39

Gold forecast poll

Our poll shows that experts expect gold to go into a consolidation phase next week and the average target sits at $1,651. The one-month outlook paints a mixed picture with less than 50% of experts holding a bearish view against 33% bullish.

Gold Weekly Forecast for Week 39

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