Gold is struggling to convincingly conquer the 1,800 handle and thus some doubt has been thrown into gold’s positive picture as sellers pushed back heavily in Friday’s trading session. The simple moving averages (SMAs) are overall on a horizontal trajectory and are converging, endorsing a more neutral price demeanour.

The Ichimoku lines are showing that bullish pressures have not fully disappeared, while the short-term oscillators are reflecting an increase in positive momentum. The MACD is making additional progress above its red trigger line nudging into the positive region, while the RSI is improving in bullish territory. The upbeat stochastic oscillator is promoting an upwards drive in the commodity.

If the price closes above the 1,800 barrier, nearby upside hindrance could stem from the resistance belt of 1,809-1,814. Overstepping the highs from September 14 and October 22 that form this obstacle, buyers may jump to challenge the ceiling of 1,828-1,834 that has kept the commodity consolidating since mid-July. Triumphing over this reinforced border, the price could then meet the resistance boundary of 1,844-1,855.

To the downside, sellers face an immediate region of support beginning from the 200-day SMA at 1,794 until the 50-day SMA at 1,779. Should the price sink beneath this reinforced buffer zone, the blue Kijun-sen line at 1,767 could come into focus ahead of the Ichimoku cloud’s floor at 1,757. Retreating further underneath the cloud and the neighbouring lows until 1,745, the bears could then make efforts to test the support section of 1,715-1,727.

Summarizing, gold’s short-term outlook remains neutral. That said, the precious metal is making attempts to decisively close north of the 1,800 border. A break above 1,834 could bolster upside momentum, while a drop below 1,715 is needed to reinforce negative tendencies.


Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.

Feed news

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD stays defensive above 1.1300 as Omicron, inflation concerns loom

EUR/USD is trading below 1.1350, consolidating the biggest daily jump in fortnight. The US dollar pauses its rebound amid cautious optimism. Omicron, US-China woes keep investors on the edge, Rising US inflation expectations underpin the yields. US jobless claims, Omicron updates closely eyed.


GBP/USD trades with modest gains above 1.3200 mark, lacks follow-through

GBP/USD is trading flat above 1.3200, struggling to capitalize on the overnight goodish rebound from a one-year low. Fresh COVID-19 jitters pushed back BoE rate hike expectations and undermined the pound. Resurgent USD demand further stalled aggressive bullish bets.


Gold: Doji below 200-DMA teases bears, Omicron updates eyed

Gold portrays trader’s indecision below the key moving average following Wednesday’s bearish candlestick. Market sentiment dwindles as virus-linked news battles geopolitical fears. Friday’s US CPI becomes crucial as inflation expectations improve.

Gold News

Why MATIC price could soon see a meteoric rise toward the round level of $4

MATIC price appears to be ready for a major upswing toward $3.84 as Polygon presented a bullish chart pattern on the daily chart. The governing technical pattern suggests that the layer-2 token is preparing for a 62% climb.

Read more

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!