Gold Weekly Outlook (July 22 - July 26)

Gold closed the week at 2398.52 by losing 13.06 USD or 130 pips by achieving new all-time high and our mid-term target 2480 in fast-paced little earlier than expected too. Not only this a rejection on upside around suggested levels 2480/2482 is also witnessed that made a long-tailed rejection sign on weekly charts.

Gold 4H Chart


Now gold has posted a rejection signal on mid-term target 2480 - 2495 that can be seen as tough resistance for coming week and a fall towards 2356/2349 can be expected that is my weekly target now.

If we review daily charts that price tested daily suggested support 2393/2386 with low 2393.xx on Friday where some pause in selling witnessed that can be seen as short covering base pause for now. Failing to hold 2393/2386 can open 2370 initially followed by 2356/2349.

On the upside 2339.50 to 2457 range/levels can act as resistance on DTF. In case of any upside movement to that range initially likely to give safe exit & profit taking view for ST traders/investors.

Strategy: Sell on Strength on initial upside towards suggested resistances of DTF & follow live trading signals from shared on WhatsApp broadcast live with tight SL/TP/Updates.


Last week view

MT target worked as resistance


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