Instaforex Nigeria Gold Weekly Forecast for Week 47

Gold Weekly Forecast for Week 47, 2022

XAUUSD needs to clear $1,780 to stretch higher

Gold price started the new week under modest bearish pressure. Though it managed to regain its traction before staging a downward correction toward the end of the week. XAUUSD ended up closing the week little changed above $1,750. The minutes of the Federal Reserve’s October policy meeting and PMI surveys next week could impact the US Dollar’s (USD) valuation and influence the pair’s action. In this article, we’ll detail Gold Weekly Technical Forecast for Week 47, 2022.

Gold price technical outlook

The Relative Strength Index (RSI) indicator on the daily chart retreated modestly after having climbed above 70 earlier in the week. This suggests that the latest decline is a technical correction rather than the beginning of a bearish trend. Additionally, Gold price holds comfortably above the 100-period Simple Moving Average (SMA).

On the upside, $1,780 (Fibonacci 38.2% retracement of the March-November downtrend) aligns as initial resistance. With a daily close above that level, XAUUSD is likely to face strong resistance at $1,800 (200-day SMA) before targeting $1,830 (Fibonacci 50% retracement).

Interim support seems to have formed at $1,750. In case XAUUSD falls below that level and starts using that level as resistance, it could extend its downward correction toward $1,720 (100-day SMA, Fibonacci 23.6% retracement) and $1,700 (psychological level, 20-day SMA).

Instaforex Nigeria Gold Weekly Forecast for Week 47

Gold price forecast poll

Instaforex Nigeria Forecast poll paints a mixed picture for XAUUSD in the short term and the one-week average target sitting at $1,731. The one-quarter outlook remains overwhelmingly bullish with an average target of $1,770.

Instaforex Nigeria Gold Weekly Forecast for Week 47

Follow the 3 simple steps below to start trading and making great profits from the Forex market:

  1. Open a live account with Instaforex Nigeria.
  2. Deposit Funds Into your account with as little as $10.
  3. Download our Metatrader 4 and start trading.

You can also CONTACT US if you encounter any problems while opening your live account or depositing funds into your account.

Disclaimer: All investments and trading in the stock market involve risk and is a personal decision. This article from Instaforex Nigeria is only meant to create and increase awareness about Forex trading.

Comments are closed.