The price is finally over the key dynamic support identified by the EMA200 weekly passing for $ 1269 an ounce. So now the support at 1324 dollars is a key level in the very short term. It will drive the price to the first significant increase in trading volume. It could reach directly the support at 1299 or the second resistance at 1348.
Basically the most probable hypothesis is an uptrend from this point. With the FED still standing on its monetary policy at least until September and with this uncertainty of the markets. The price of various commodities such as gold and silver should still benefit for a few sessions.
In fact the main analysts expect a retest of the price of gold at the psychological level of $ 1400 an ounce for the month of August. For September, with a probable announcement by Powell on the resumption of a highly restrictive monetary policy, retracements on precious metals should be seen. So this will be in favor of a strong appreciation of the American currency (USD).
To recap
The new safe-haven asset is GOLD so: we recommend a long entrance with the first target the resistance to 1348. Second target on 1360. The final one is about $ 1,400. It is advisable to set a very short-term stop loss below 1299. Even if the analysis is invalidated at the break of $ 1269.
Basically the most probable hypothesis is an uptrend from this point. With the FED still standing on its monetary policy at least until September and with this uncertainty of the markets. The price of various commodities such as gold and silver should still benefit for a few sessions.
In fact the main analysts expect a retest of the price of gold at the psychological level of $ 1400 an ounce for the month of August. For September, with a probable announcement by Powell on the resumption of a highly restrictive monetary policy, retracements on precious metals should be seen. So this will be in favor of a strong appreciation of the American currency (USD).
To recap
The new safe-haven asset is GOLD so: we recommend a long entrance with the first target the resistance to 1348. Second target on 1360. The final one is about $ 1,400. It is advisable to set a very short-term stop loss below 1299. Even if the analysis is invalidated at the break of $ 1269.