Gold: Weekly Forecast 18th July 2021
Gold marked its first weekly loss in just more than a month.
Gold price has struggled to maintain its recovery from the previous selloff as the dollar continued to strengthened amid the outbreak of the delta variant.
However, we still see gold finding support and staying on to of the previous range which could potentially invite another bullish wave in the coming week.
This week, we expect the market to be either ranging or it may start to rebound off the support turned resistance level 1790 and head for 1850.
We do expect some fake breakout of 1790, which may push the price to as low as 1770, before it starts to trend upwards.
Gold price has struggled to maintain its recovery from the previous selloff as the dollar continued to strengthened amid the outbreak of the delta variant.
However, we still see gold finding support and staying on to of the previous range which could potentially invite another bullish wave in the coming week.
This week, we expect the market to be either ranging or it may start to rebound off the support turned resistance level 1790 and head for 1850.
We do expect some fake breakout of 1790, which may push the price to as low as 1770, before it starts to trend upwards.
