Gold Chart - Gold Story Continues July 2022

Gold Chart –?short term

-???????The 38.2% retracement hovers around 1700 and should be closely watched.

-???????We have seen short-term traders buying around 1700 which pushed the price to 1725 and later sold out which pushed back the price below 1700

-???????Should the 1700 not hold, we would likely see the gold price back to 1450-1500 which would be contributed by external factors such as persistently high inflation and continued rising rates. The latter is still in a consolidation mode where we would have to wait for further confirmation if the 1700 level would hold.

Gold Chart – 3 years

-???????The 20-day moving average is still above the 50-day moving average which shows the opportunity still exists.

-???????Should the 20-day moving average cross the 50-day moving average from above and move below, we would like to see downward pressure on the price.

-???????The momentum shows a rebound is still possible.