GOLD: after-breakout consolidation

GOLD: after-breakout consolidation

2020-07-14 • Updated

Fundamentally, we have all the factors pushing the gold price in the mid-term. There are infections out of control in the US – and that is not going to be sorted sooner than weeks from now. We have the US-China and the US-EU trade relations that are as complicated. Together, these factors are likely to bring the price of gold up to $1 850 by the middle of August.

Technically, however, gold is going through a phase of consolidation. It did break the mark of $1 800 last week, and now is in a rebound. Lower highs and horizontally stable lows suggest that bulls are just waiting for their turn to take over. Clear upward resistance is pointing higher. Therefore, expect some more sideways movement in the immediate short-term, and a continuation of the uptrend as the next stage.

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