Technical indicators are mixed for gold. Yet fundamentals remain bullish. As gold continues to move along upper channel line we believe that it is poised for further move up. Our short term price target remains 1850 USD and our medium term price target remains 1875 USD.
Prior thoughts from 14th July 2021:
More prior thoughts from 30th June 2021: Here we hinted at divergence between price and RSI. We also correctly predicted reversal in price.
Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
Komentar
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Investors should keep in mind that there is FOMC this week and we might see volatility in price of gold.
I dont know about gold but as it is correlated to eurusd, fundamentally the pair may experience a volatility 1.1720-1.1850 till the fomc statement, any taper accurate announcement the pair may fall to 1.1650 and it would affect gold, finally in my opinion this announcement will never happen due to covid rising cases and employment drop, the fed will have no option but delay the taper, and from here the pair and gold would breakout above resistances.
Tradersweekly
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@MohamedElsodoody, Yes, weak EURUSD is worrying me too. But hopefully all this weakness is just temporary.
MohamedElsodoody
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@Tradersweekly i see no logic in downtrend continuation, its all about optimism based on nothing, powell speech was clear there is no soon taper, data makes his situation worse, if no reversal will occur now then sure will be on Wednesday after the dovish rate and delaying taper statement, gold and eur will break above resistances.