XAUUSD Gold Forecast And Key Levels

Disappointment is starting to appear among the Gold Bulls. However, I keep the faith as the market still has potential to break through $1,400.

We see economic growth with no inflation and geopolitical tensions are starting to ease, but volatility in markets continues to provide important support. While increased volatility and weaker equity markets will continue to support gold, we need to see a physical demand as well. Without that physical demand, investment demand would not help.

The overall trend is still bullish. As a long-term Gold trader, I just look for fresh buying opportunities before the new rally. It is just a consolidation and offering Gold investors buying opportunities.

Technically:
Midterm – Daily Chart –

XAUUSD trading in an ascending channel. It is above EMA 100 and EMA 200.

Gold ended the week in the lower Bollinger Band. EMA 100 (1312 USD) and EMA 200 ( 1.300 USD ) would be the support of the daily chart.

Short-Term – H4 Chart –

Bearish pressure is quite clear on the H4 Chart Timeframe.

XAUUSD price is below EMA 50,100 and 200. Sell pressure will continue as long as the price remains below EMA 50.

Levels to watch:
On the upside:1328 and 1335 are the critical levels.

On the downside: 1320, 1312 and 1304

Break above 1328 will take the price 1335.

Break below 1320 may carry the price 1312 and 1304.

I expect gold prices to fall back to its 200-day moving average, which comes in at 1304-1300. Nice level to buy and forget.

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