13/03/2022
Gold reversed its direction after rallying toward new all-time highs. XAU/USD ended the week below the Fibonacci 23.6% retracement of this uptrend, opening the door for additional losses toward $1,950 (Fibonacci 38.2% retracement). Still, the bright metal is likely to regather its strength in case geopolitical tensions escalate further.
On the upside, $1,990 (Fibonacci 23.6% retracement) aligns as first technical resistance before $2,000 (psychological level) and $2,010 (static level).
The FXStreet Forecast Poll shows that experts are expecting gold to trade sideways next week. There is, however, a noticeable bullish shift in the one-month outlook with the average price target sitting above $2,000.
