Intraday and swing scenarios based on price action and volume profile.
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.
Corrective Bearish Scenario: Sells below 38680 with TP1: 38560, TP2: 38500, TP3: 38432 Continuation Bullish Scenario: Buys above 38816 with TP: 39000
Bullish Scenario: Buy between 17515 and 17600 with TP1: 17681; TP2: 17720 intraday, and TP3: 17750 / 18000 in extension. Bearish Scenario in case of breaking the buying zone: Sell below 17500 with TP1: 17469; TP2: 17421, and TP3: 17358 in extension.
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