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24 Oct 2022

Gold Price Forecast: XAU/USD is pushing against $1,1645 support area

 

  • Gold retreats from a $1,670 high on Friday to the $1,645 area so far.
  • The US dollar regains lost ground on a cautious market.
  • XAU/USD is testing support at $1,640.

Gold futures have opened the week on a moderately bearish tone, giving away some of the ground taken on the sharp recovery witnessed last Friday. The yellow metal has pulled back from a 10-day high at $1,670 and is now testing the support area at $1,640.

Gold loses strength as the US dollar picks up

Investors remain cautious in the week opening, awaiting the monetary policy decisions by some of the world’s major central banks, while stock markets are mixed. In the US, the Dow Jones and the S&P Indexes appreciate 0.8% and 0.6%, while the Nasdaq Index eases 0.1%.

The market seems to have digested a news report published by the Wall Street Journal on Friday, suggesting that the Federal Reserve would be open to moderate its tightening cycle in December. The US dollar, as a result, has shrugged off Friday's weakness to appreciate moderately higher which is weighing on gold prices.

XAU/USD: Support area at $1645 is holding bears

On the downside, the support area at $1,645 Is protecting the XAU/USD from further decline, which might push the yellow metal to retest $1,615 (September 28, October 21 lows) ahead of April 2020 lows at $1,575.

On the upside, the pair should appreciate past Friday’s top at $1,670 and the 50-day SMA at $1,695 to regain bullish momentum and set its target at the $1,730/35 area (September 13, October 4 highs).

Technical levels to watch

 

 

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