“Gold Prices: Expectations and Technical Analysis for the Coming Weeks”

Investing.com – It was another negative week as spot and futures gold fell amid uncertainty over the divergence over the US debt ceiling and the Fed’s monetary policy.

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Gold from the top of the continuous decline

Spot gold contracts closed higher in trading on Friday, the last day of last week. As it rose 0.25%, to settle at $1945.74. Spot gold contracts fell towards a 3-week low when tested at 1936.9 on Friday morning, after achieving a record high of 2073.29 in early May, specifically May 4. This closure did not change the outcome of the weekly losses of spot gold, as it fell 1.7% this week, 1.7% last week, and 0.25% in the week before last.

Futures prices rose on Friday, despite pricing the Fed’s rate hike by 25 basis points, after the release of negative inflation data on an annual, monthly, core and headline basis.

Gold futures rose 0.12% to $1963.10 an ounce. Futures contracts continued to lose on a weekly basis, down 2% last week and 2% in the week before.

Gold expectations.. technical analysis

Dikest, a technical analyst from SKCharting, said that while the temporary debt ceiling agreement announced by Biden could affect gold negatively. The yellow metal may survive a larger sell-off if the spot continues above the 50% Fibonacci level of $1942 an ounce.

He explained, “We expect a recovery towards the horizontal resistance area at $1,975, which, if surpassed, could extend the recovery towards $2,015.”

The breaking point for gold

On the flip side, a sustained break below $1942 would be followed by weakness below $1936 and would attract sellers, pushing the spot down towards 61.8% Fibonacci level at $1910, Dixit said.

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