As the USD gains strength, gold is dipping lower. It could either be a correction or a reversal.
However, the RSI indicates an oversold condition while the MACD histogram is in the red. There is also a good degree of MACD separation indication that this move may continue.
The next support is at 1863.24.
However, below is also some comment from the Citibank’s analysts for your consumption:
“We lift the 2021E base case gold price forecast by ~$300/oz, versus our early July update, to a record $2,275/oz.”
“Maintain our 0-3m point-price target at $2,200/oz and a 6-12m target at $2,400/oz.
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