Gold forecast for next week

٩ يناير ٢٠٢٢

From a technical perspective, week’s rejection near the $1,830-32 supply zone and the subsequent downfall might have already shifted the bias in favour of bearish traders. Some follow-through selling below the $1,785 horizontal support will reaffirm the negative outlook and set the stage for a further near-term depreciating move. Gold might then accelerate the downward trajectory towards the $1,770-69 intermediate support en-route December 2021 swing low, around the $1,753 region.