Gold Price Forecast: More losses after brief relief rally

according to Gold's corrective rally could gather pace next week, as indicated by the bullish RSI divergence seen in the 4-hour chart. The yellow metal could pick up a bid next week as suggested by the bullish divergence of the relative strength index (RSI) seen in the 4-hour chart below. Further, the 14-day RSI is also showing oversold conditions, as seen in the daily chart below. While the RSI divergence favors a corrective rally, the long-term charts continue to call a drop to key support zone of $1,240-$1,230. ViewShort-term outlook (4-hour chart): Corrective rally could be in the offing, but will likely have a tough time capitalizing on the break above the descending 10-day MA.

Metals Price Forecast: June 20, 2018 | Gold Price Drops To 6 Month Low - Is Now The Time To Buy? [Video]

Gold prices dropped to a 6 month low on Wednesday as the U.S. dollar lingered around 11 month highs, whilst platinum hit a 2-1/2-year trough. Where next for prices? Watch The Gold & Silver Club review Silver, Gold, Copper and Platinum and share the latest price forecast and predictions.

Gold Price Forecast: More losses after brief relief rally

as mentioned in Gold looks set to test confluence of 200-week moving average (MA) and 100-month MA located at $1,234. Currently, gold is trading at $1,252, having clocked a 2018 low of $1,250 on Wednesday. Hourly chartsChart source: NetstationThe bullish price-money flow index (MFI) divergence indicates the sellers will likely run dry ahead of the weekend. 4-hour chartChart source: NetstationThe MFI is printing higher lows as opposed to falling prices. All-in-all, the gold meltdown is set to continue, albeit after a brief rise to $1,260-$1,270 trading range and prices could drop to $1,234 (200-week MA + 50-month MA).

collected by :kiven Dixter