Gold Price Forecast: Spot gold reached an intraday high of $1,820.25 a troy ounce, its highest in over a month, later trimming gains. The USD met demand with Wall Street’s opening, helped by encouraging US data and subdued government bond yields.
Wall Street’s opening, helped by encouraging US data and subdued government bond yields. The Richmond Fed Manufacturing Index improved from 11 to 16 in December. At the same time, US indexes kept rallying, with the S&P reaching a fresh record high and the DJIA nearing its all-time maximum.
In the near term, and according to the 4-hour chart, gold is losing bullish steam, not yet confirming a bearish continuation. The 20 SMA is crossing above a flat 200 SMA, both in the 1,806 price zone, while the 100 SMA maintains a modest bullish slope at around 1,787. In the meantime, technical indicators continue retreating within positive levels with limited directional strength. The bearish case will be firmer on a break below 1,803.00, the immediate support level.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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