Gold: Weekly Forecast 22nd August 2021
The selloff of the gold continued through last week and trades steadily below 1800.
A rebound that came last Friday was easily wiped out, essentially trapping more buyers.
The market is clearly feeling bearish and we expect a revisit of the 15-month demand at 1700 in the upcoming week or the next.
We could still see a potential upside back to 1770 - 1780 area while it consolidates at the beginning and that's where we are looking to sell.
We could still look for intraday buy opportunity as long as 1750 stays unbroken.
A rebound that came last Friday was easily wiped out, essentially trapping more buyers.
The market is clearly feeling bearish and we expect a revisit of the 15-month demand at 1700 in the upcoming week or the next.
We could still see a potential upside back to 1770 - 1780 area while it consolidates at the beginning and that's where we are looking to sell.
We could still look for intraday buy opportunity as long as 1750 stays unbroken.
