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GOLD hot forecast on 9 December, 2021


Gold remains on the back foot below $1,790 amid broad US dollar reboud. Market sentiment is getting sour as virus-linked news battles geopolitical fears, Fed rate hike concerns. Friday's US CPI becomes crucial as inflation expectations improve.

Despite bouncing off a seven-week-old horizontal area, gold stays beneath the 200-DMA, not to forget mentioning the previous support line from late September. The metal's failures to cross short-term key hurdles join bearish MACD signals and Wednesday's Doji candlesticks to keep sellers hopeful.

That said, the 61.8% Fibonacci retracement of September-November upside, near $1,780, precedes the $1,772 level to restrict short-term declines of gold prices.

Following that, multiple levels marked since October 18 challenge gold bears around $1,760-62.

On the flip side, the 200-SMA and the support-turned-resistance line, respectively around $1,792 and $1,798, join the 50.0% Fibo. level surrounding $1,800 to question the gold buyers.

During the quote's sustained run-up past $1,800, the $1,815 and $1,845 levels may offer intermediate halts before directing gold prices towards November's peak of $1,877.

The material has been provided by InstaForex Company -