Outlook on Gold: Wait for an opportunity to buy

22 Jul 2021

Hi everyone! We maintain our bullish bias on Gold as prices are holding well above a key weekly support zone , in line with the ascending trend line and 61.8% retracement . On the H4 time frame, a pullback in prices to the support zone at the 1782.5 zone, in line with the 61.8% and -27% retracement presents a buy opportunity. Keeping in mind the weekly time frame echoes a more bullish view, a break above the H4 resistance descending trend line could see a further push up to test resistance at 1832.50.