Gold Technical Forecast for Q1 2022: Gold Technical Outlook – Struggling For Direction

In August 2020, gold will have completed a two-year uptrend. From there, a modest pullback gave way to sideways drift in March 2021. Prices are now hovering near the midpoint of the choppy range that has formed since. It is unclear whether the halt will serve as a foundation for new gains or merely a pause before the down move from the 2020 peak resumes.

SPOT GOLD (XAU/USD) – WEEKLY CHART

Zooming in on the daily chart, we can see that prices are attempting to break through mid-range congestion near $1800/oz. A series of higher highs and lows favours gains in the well-established $1677-1917 range. The first barrier is at 1808.16, followed by barriers in 1834 and 1871. The key supports are located at 1750.78, 1818.89, and 1676.91.

SPOT GOLD (XAU/USD) – DAILY CHART