Hello traders and investors,
Hope all of you are well. Gold again seems to be a very good opportunity as I post this analysis from my vacation in India.
The gold market had a lot of pain in the month of July where we saw a breakdown in to 1700s. This was expected as analysed and posted on June 26th, 2022 in our previous analysis. The price came in to that 1680-1700 zone and bounced up. But as this is 4th or 5th bounce from this region, there is not much strength in it at the moment. Unless it finds fresh strength, we can not expected Gold (XAUUSD) to rally higher.
1. On higher time frames we have a possibility of M pattern which can push the price down to 1500s (1570s, 1530s) or so
2. There was a Head and Shoulders pattern on the weekly time frame which had the neck line broken. The last bounce up was nothing but a retest of the neckline. So if this retest fails, we can see further downward momentum.
3. Price right now is testing previous trend lines and FCP zone. They can act as resistance.
1. If the FCP zone around 1800 is broken and confirmed then the price go higher to close clear the area around 1857
2. There are few gaps which are available to get closed.
Next week: I am expecting a bearish move a bit but a chance of consolidation can not be denied as the price stuck between 2 FCP zones
Hope this helps.
Good luck and have a great trading week.
Previous analysis: https://youtu.be/0sc9OXpB5xI
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