Lingrid | GOLD Weekly OUTLOOK

30 jul 2023

Gold rallied slightly on Friday after the bulls faced a strong sell-off. Next week the market is likely to be noisy and volatile. The price bounced off the consolidation level boundary that was formed in June. Price on the 4H timeframe has made new lows. If the price goes up to the psychological level of 2000, of course we can say that the road to 2050 will be open. It is worth paying attention to the US dollar, which has a negative correlation with gold, although this correlation changes from time to time. The monthly candle closes in green. On the weekly one though, we see a doji which means indecision. A breakout of this candle will determine the next possible new trend.


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