Gold: Weekly Forecast 18th July 2021
The gold successfully broke out of a consolidation but faced strong rejection on the last trading day.
The break-above of 1825 should technically boost the price all the way to 1850 but it turned out to be another phrase of accumulation.
However, the gold still ended the week with a bit of gains and still managed to stay supported at the bottom of a rising channel.
Gold has a tendency to whipsaw like this before any major trend and thus we maintain our bullish view.
This week, we will observe for a continuation of support at the current price and look for another buying opportunity at the beginning of the week.
We still plan to hold our gold long up till 1850 where there will then be a stronger supply for price rejection.
The break-above of 1825 should technically boost the price all the way to 1850 but it turned out to be another phrase of accumulation.
However, the gold still ended the week with a bit of gains and still managed to stay supported at the bottom of a rising channel.
Gold has a tendency to whipsaw like this before any major trend and thus we maintain our bullish view.
This week, we will observe for a continuation of support at the current price and look for another buying opportunity at the beginning of the week.
We still plan to hold our gold long up till 1850 where there will then be a stronger supply for price rejection.
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