Gold Price Forecast: Panic could push the metal below $1,800

Wall Street extends its bearish route and reaches fresh monthly lows.Price trades near a fresh weekly low of $1,822.10 a troy ounce amid panic boosting demand for the American currency. There was no specific catalyst for the latest market’s reaction but a cluster of well-known factors denting the sentiment for long. Meanwhile, tensions between Russia and the western world continue to escalate, with the country menacing with retaliation should Finland join NATO.

The bright metal is firmly bearish according to technical readings in the 4-hour chart. Gold has met sellers for a second consecutive day around a bearish 20 SMA, now providing dynamic resistance at around $1,845. Technical Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.

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