Gold Market Analysis: July-August Selling Pressure
In this analysis, we examine the current market conditions for gold and anticipate potential selling pressure by the end of July, continuing into the month of August. Recent price action, including a rejection at $1987 and a breach of the $1966 level, indicates signs of bearish sentiment. Our outlook suggests that gold prices may attempt to reach the pivot price for July at $1931, which holds significant importance. If further selling pressure persists, we anticipate potential price targets at $1897, $1876, and ultimately, $1841. Notably, the price range between $1841 and $1876 reveals an imbalance that occurred between March 10th and March 13th, 2023. We speculate that this imbalance may find resolution either within the current month or in August. It is essential to note that this analysis is solely a viewpoint and should not be considered financial advice. As with all investment decisions, exercise caution, conduct thorough research, and seek guidance from a professional financial advisor.
Trade closed: target reached:
1841 hit
690 pips+