Gold price climbed above $1,980 for the first time in two months within last week. Though it failed to preserve its bullish momentum. The Federal Reserve’s (Fed) policy announcements this week could trigger the next big action in XAU/USD. With investors potentially reassessing the interest rate outlook. In this article, we’ll detail XAU/USD Weekly Technical Forecast for Week 30, 2023.
XAU/USD Technical Outlook
Key technical area for Gold seems to have formed in $1,950-$1,960, where the 100-day Simple Moving Average (SMA), Fibonacci 23.6% retracement of the latest uptrend and the 50-day SMA align. If XAU/USD manages to stabilize above the upper limit of that range and starts using it as support, it could face interim resistance at $1,980 (static level) before targeting $2,000.
A daily close below $1,950 could attract sellers and open the door for a fresh leg lower. In that case, the 20-day SMA aligns as initial support at around $1,935 ahead of $1,910 (static level) and $1,900 (psychological level, Fibonacci 38.2% retracement).
Meanwhile, the Relative Strength Index (RSI) indicator on the daily chart retreated below 50. This move suggests that XAU/USD lost its bullish momentum but is yet to signal a reversal.
Gold sentiment poll
Instaforex Nigeria forecast Poll shows that a majority of experts expect XAU/USD to continue to push higher in the near term. The one-week and the one-month average targets align at $1,966 and $1,987, respectively.
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