Gold Price Forecast and Technical Analysis Today

Gold prices ended a choppy, two-sided trading session slightly lower yesterday, with many investors in wait and see mode ahead of key central bank meetings and economic data.

Gold prices settled at $1266.63 an ounce on Friday, suffering a loss of 1.03% on the week, as uncertainty in financial markets fueled by the British election and tensions in the Middle East was not enough for the bulls to overtake the bears.

Gold prices fell 0.7% yesterday, extending their losses to a second straight session, as renewed strength in the U.S. dollar dampened demand for the precious metal.

Gold prices ended Wednesday’s session down 0.6%, or $7.74, to settle at $1286.66 an ounce as investors took profits from a recent rally that pushed the market to the highest level in seven months.

Gold prices rose $14.01 an ounce on Tuesday, hitting the highest level since November 9, as investors sought safety from tensions in the Middle East, upcoming British election and the European Central Bank policy meeting.

Gold prices ended a choppy, two-sided trading session slightly lower yesterday, but ultimately found support just above the 1277.35-1276 area.

The gold market was rather volatile last month. Prices dropped to the critical $1215 level, the confluence of a horizontal support and a medium-term bullish trend line, but ultimately found strong support there to climb all the way back to the $1271.50-$1269 area, leaving a long lower shadow on the monthly candle.

Gold prices fell $3.41 an ounce on Thursday as better-than-expected U.S. economic data, which supported the case for a Federal Reserve interest rate hike this month, led to a bounce in the dollar.

Gold prices ended higher on Wednesday, erasing all of the previous day’s losses, as the dollar edged lower.

Gold prices ended Tuesday’s session moderately lower as lack of bullish fundamental developments prompted some investors to lock in gains from a recent rally to a four-week high.

Gold prices settled at $1267.07 an ounce on Friday, scoring a gain of 0.8% on the week, as uncertainty about economic and political stability increased desire for safe-haven diversification.

Gold prices ended Wednesday’s session up $7.28 as the dollar weakened after the minutes of the Federal Reserve’s latest policy meeting showed some central bankers were watching for evidence.

Gold prices fell $9.20 an ounce yesterday, erasing the gains made in the previous session, as the dollar strengthened and traders locked in profits ahead of the release of the minutes from the Federal Reserve’s May 2-3 policy meeting.

Gold started the week on a positive note, testing the $1265/1 area after the market found support just above the $1250 level.

Gold prices settled at $1255.32 an ounce on Friday, gaining 2.23% on the week, as political turmoil in the U.S. and weakness in the dollar lent some support to the precious metal.