Gold: Weekly Forecast 1st August 2021
Gold was very well supported at the resistance turned support level 1795.
Last week, the price managed to rebound higher but faced with significant rejection as it retest the current high at 1830.
At the end of it, it was somewhat able to close with a higher low and that gives the bulls a little more advantage.
This week, we will be looking for buy opportunity by using the rising trendline as a support.
We are expecting the price to eventually complete a AB=CD pattern as it completes a 2nd bullish wave at the equilibrium level around 1860.
Last week, the price managed to rebound higher but faced with significant rejection as it retest the current high at 1830.
At the end of it, it was somewhat able to close with a higher low and that gives the bulls a little more advantage.
This week, we will be looking for buy opportunity by using the rising trendline as a support.
We are expecting the price to eventually complete a AB=CD pattern as it completes a 2nd bullish wave at the equilibrium level around 1860.
