XAUUSD Gold Forecast And Technical Analysis
Where to buy Gold?
As we have mentioned in our previous Gold analysis, we predict the bearish market will continue for a while. The reasons were listed.
As some analysts think that the drop in gold prices was partly due to both investors’ and speculators’ activity. Investors sold off their ETF holdings, while speculators switched their positions to net short gold on the Comex in late June.
The physical demand is limited as well. And the rise in the U.S. real yields and a rally in the U.S. dollar were supportive to a bearish market.
There is no certain evidence to a change in those fundamentals. At least near term.
Where can we buy Gold?
Let’s take a look at the technicals.
- 1236 resistance is the first key level. Above 1236, we see 1250. I call this region as ” supply zone”. We need to see the price making a few daily closing above the supply zone in order to enter a long position.
- The pivot is 1224. The bearish pressure will remain as long as it holds below the pivot
- On the downside 1218, 1214 and 1211 are the first targets of the XAUUSD.
- I do not see strong fundamentals to send the prices below 1200.
Conclusion: The price is likely to retest 1211 and 1204. We will start to buy Gold at 1204 or we will look for a Daily Closings above 1250 USD.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
GOLD Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility