Gold: Weekly Forecast 15th - 19th July
The gold has been consolidating for the past 3 weeks since it peaked at 1439.
It is still unclear if the price will eventually break above or below the consolidation but the long-term view is most definitely a bullish one as the Fed proceeds with cutting rate.
For buyers, traders can consider buying at the bottom of the consolidation at 1393 if the price falls before breaking above 1420.
For sellers, traders can consider selling starting from 1420 but avoid selling if the price closes above 1427.
It is still unclear if the price will eventually break above or below the consolidation but the long-term view is most definitely a bullish one as the Fed proceeds with cutting rate.
For buyers, traders can consider buying at the bottom of the consolidation at 1393 if the price falls before breaking above 1420.
For sellers, traders can consider selling starting from 1420 but avoid selling if the price closes above 1427.
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