Gold prices rebounded after dipping below $1,760, regaining almost 2%. Technical indicators show gold is supported around $1,760 and resistance at $1,782 must be broken for the rebound to continue. The Fed began tapering asset purchases as expected, but markets will watch for clues on future rate hikes. Bullion looks supported but bears could take over if gold falls below $1,756.

1. Gold Price Forecast:
Bulls Pushing Towards $1,800

2. Points To Be Discussed Today:
• Gold Added Over $20.00 Ahead
• Gold Price Short-term Technical Outlook
• Gold Appears Supported Around $1,760
• Fed-led Rebound Needs Acceptance Above $1782
• Gold Price: Key Levels To Watch
• Firmer Bearish Case Once Below 1,756.60
• Gold Analysis: Regains Almost 2.00%

3. Gold Added Over $20.00 Ahead
• The BOE disappointed investors right after the Fed delivered as planned.
• US indexes are poised to open at record highs as European stocks soar.
• XAU/USD recovered to its comfort zone around $1,790 a troy ounce.
• Gold added over $20.00 ahead of Wall Street’s opening and trades around
$1,792.00 a troy ounce, trimming all of its post-Fed losses and returning
towards its comfort zone.

4. The US Federal Reserve
• Market players are struggling to digest the latest headlines from
central banks.
• On Wednesday, the US Federal Reserve announced it will start
trimming its pandemic facilities, at a pace of $15 billion per month
starting this month.
• The announcement was no shocker as Chief Jerome
Powell anticipated it in the previous meeting.

5. Global Indexes Are On The Run
• The Bank of England just unveiled its monetary
policy decision, keeping rates on hold despite the market’s
speculation of a rate hike.
• Just 2 out of 9 MPCs voted for a hike, disappointing
investors and sending the pound sharply down against most
major rivals.
• At the same time, global indexes are on the run, with Wall
Street poised to hit all-time highs.

6. Gold Price Short-term Technical Outlook
• XAU/USD trades around the 23.6% retracement of its latest daily advance
after meeting buyers around the 61.8% retracement of the same rally on
Wednesday.
• The overall technical picture is neutral, as the bright metal has hovered
around the current level for most of the last two weeks, recovering sharply
towards it on spikes on either side of it.
• The October high at 1,813.80 is a critical resistance level to break to gain
bullish traction, while bears would take control only once below 1,756.60.

7. Gold Futures: Further Losses Look Favoured
• According to advanced figures from CME Group for gold
futures markets, open interest rose by just 794 on
Wednesday, partially reversing the previous daily drop.
• In the same line, volume reversed two daily pullbacks in a
row and went up by around 113.2K contracts.

8. Gold Appears Supported Around $1,760
• Wednesday’s pullback in prices of gold seems to have met
some decent contention in the $1,760 region.
• The downtick was amidst rising open interest and volume
and leaves the door open to further decline in the very near
term.
• The loss of $1,760 could well see the weekly low around
$1,750 per ounce troy re-visited in the near term.

9. Gold Appears Supported Around $1,760 - I

10. Fed-led Rebound Needs Acceptance Above $1782
• Gold price stalls the recovery amid a bounce in the USD, yields.
• The Fed tapers by $15 billion, stays patient on rate hikes.
• Firmer bearish case once below 1,756.60.
• The Fed’s tapering occurred as expected and triggered a rebound in
gold price, as a $15 billion worth of taper was well priced-in.

11. Fed-led Rebound Needs Acceptance Above $1782 -
I
• Further, Fed Chair Jerome Powell’s patient stance on the interest
rate hikes offered additional zest to gold bulls.
• However, the renewed upswing in the US Treasury yields amid
rising inflation expectations put a fresh bid under the greenback,
checking gold’s recovery from a three-week trough of $1759.
• Attention now turns towards Friday’s US NFP release for fresh gold
price direction.

12. Gold Price: Key Levels To Watch
• The Technical Confluences Detector shows that gold is easing towards the strong
support at $1772, the intersection of the previous week’s low and Fibonacci 61.8%
one-month.
• The next relevant support is environed at $1770, the Fibonacci 38.2% one-day.
• If the downside momentum accelerates, then sellers will target the pivot point one-
week S1 at $1767.
• The previous day’s low of $1759 will be on the bears’ radars on the extended
decline.
• Further south, the pivot point one-day S1 at $157 will be challenged.

13. Gold Price: Key Levels To Watch- I
• Alternatively, the Fibonacci 61.8% one-day at $1777 will test the immediate
upside attempts, above which powerful resistance around $1782 will come
into play.
• That level is the confluence of the SMA50 one-day, Fibonacci 23.6% one-
week and SMA10 four-hour.
• A bunch of healthy resistance levels around $1788 is critical for gold bulls to
take out should the recovery extend momentum.
• The price area is the convergence of the previous day’s high, Fibonacci 38.2%
one-month, SMA100 one-day and pivot point one-day R1.

14. Here Is How It Looks On The Tool

15. Firmer Bearish Case Once Below 1,756.60
• US Federal Reserve set to tapper, but what about rate hikes?
• Wall Street retreats from record highs, while US Treasury yields ticked higher.
• XAU/USD broke lower and is currently near a critical Fibonacci support level.
• Gold plummeted to $1,758.81, its lowest since October 13, now treading water in
the 1,760 pare ahead of the US Federal Reserve’s announcement on monetary
policy.
• The greenback trades with a firmer tone across financial markets, as Wall Street
retreats from record highs and US government bond yields tick higher.

16. Firmer Bearish Case Once Below 1,756.60 - I
• The US central bank is expected to announce the reduction of its pandemic-
related financial support, by trimming the monthly amount of assets buying by
$15 billion.
• Such a decision has already been priced in and could spur limited action in
prices.
• The main focus will be on whether the mentioned figure is correct, and the
future or rate hikes.
• Chief Jerome Powell has repeated multiple times that retrieving QE does not
mean a rate hike, but the market will price in sooner hikes anyway. Any hint on
the matter should boost the greenback.

17. Gold Analysis: Regains Almost 2.00%
• The 1,760.00 support zone held and caused a recovery of the price
of gold.
• The recovery occurred with a consolidating minor decline during
Thursday's Asian trading.
• However, at mid-day in Europe a sharp surge of the metal started.
By 13:00 GMT, the yellow metal had recovered almost 2.00% from
Wednesday's low level.

18. Gold Analysis: Regains Almost 2.00% - I
• In the case of a continuation of the price going up, various levels could
provide resistance.
• First of all, this week's high level zone at 1,796.00/1,797.00 might stop a
surge.
• Above this week's high note the 1,800.00 mark and the 1,810.00/1,815.00
zone.
• However, a decline of the price could look for support in the 200-hour SMA at
1,790.00, the 100-hour SMA near 1,785.00 and the 50-hour SMA at 1,780.00.

19. Gold Analysis: Regains Almost 2.00% - II

20. Gold Price Forecast:
Bulls Pushing Towards $1,800

21. Thanks for listening
Gold Price Forecast:
Bulls Pushing Towards $1,800