Weekly Technical Analysis Report 22 July – Gold played out nicely with further upside seen

Weekly Technical Analysis Report 22 July – Gold played out nicely with further upside seen

1. Last month’s call on Gold: Bullish play seen

Prices are currently testing a key weekly and daily support area at 1763.14, which lines up with the 61.8% Fibonacci retracement. We could see a bounce from this support zone with 1820.20 as our daily resistance target, in line with the 38.2% Fibonacci retracement. Keeping in mind that the views on the weekly time frame echo a more bullish bias as prices hold well above its trend line, a break above our daily resistance zone at 1820.20 could see more upside in Gold prices.

XAUUSD Charts (Note: Coloured candles represent our projection)
Before:

After:

Chart: https://www.tradingview.com/chart/XAUUSD/9DJFsQ9B-Outlook-for-Gold-Bullish-play-seen/

 

2. This week’s outlook on Gold: Wait for a buy opportunity

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. 

Outlook on Gold: Wait for a long opportunity by Salzworth on TradingView.com