Can gold price go back up in August?
After treating steadily towards the upside for the first half of July, gold prices are now experiencing some selling pressure, ahead of the Federal Reserve meeting retreaters will be analyzing whether the statements made will help or hurt prices going into August and beyond. Can gold break through the resistance channel it's trading around now and push back into the $1900 range, it was trading at pre sell off, i'll be diving into the latest catalysts for gold prices as well as taking a close look into the technical analysis for gold to evaluate the most recent gold prices and paint a clear picture on the current patterns and trends, and for the latest content on the gold markets breakout currency trades stocks, and more.
After four straight weeks of melting up gold traders have been looking out for a break above $1800 to get back to previous levels before a strengthened dollar ultimately sold off much of the gains enjoyed throughout the previous months, and pressure began to re enter the markets on July 16 as the reason sharp decline in yields helped propel the USD higher us 10 year yields have fallen to record lows at negative 1.147%, the pattern tends to translate that when the USD strengthens gold weakens and vice versa. The nominal yields indicate that there's still significant concern over the potential damage the Delta variant conflict, but inflation breakevens suggests that there's even greater anxieties surrounding the latest inflation outlook. For these reasons, many gold traders will be paying close attention to the Fed meeting on Wednesday July 28 with an update on inflation is likely to be delivered. Gold stands to get a boost. If the tone of the meeting is less aggressive, and more cautionary shying away from immediate action. This wouldn't likely reduce some of the strain that has come into the USD. Most analysts expectations are for a moderate conference with little expectation of changes in the monetary policy. Still, the reverse is possible, and the resulting language could tilt the scale in one direction or another statements over tapering were hyper cautious remarks over the current state of the economy, and further strengthen the dollar, and would be perceived as hawkish by traders and observers.
Let's now take a look into the gold technical analysis to get a feel for how gold has been trading lately, including the nearest levels of support and resistance for gold with where the market currently stands, right, we are now looking at the technical setup for gold in the picture above. And after trading quite massively to the upside since March, gold sold off heavily until the start of July. Since that sell off we have been watching gold gradually pushed back upwards but with where we are currently we are facing prominent.
It needs to break back into the green, or we'll get dragged back to lower lows. If we look, we can see that Gold is trading right around and below the $1800 psychologically significant level of resistance. And at this level Gold is trading below virtually every major trend line, still looking at the RSI can in the near term, the near term trend may still be bearish. In terms of support. The news level is at 1790, the intraday low from July 23 And if this is broken gold will likely habbits Eyes on the 1775 level, to hopefully prevent the greater slide to the downside. In terms of resistance following the $1800 psychological level. 1$820 may prove to be a point of some contention, as it is the current 200 day, ma level. Gold who wants to settle above this point, in order to move towards the next area of resistance, which is right around the $1833.
Gold has continued to be a very interesting trade throughout the year, but it is possible that the Fed meeting will give gold the steam it needs to move, but this can take form in either direction. If the interpretation is taken too strongly or not
No matter the direction, it does seem that gold is being primed for a move soon, ahead of the Fed meeting and upcoming updates. So if you are trading gold at the current levels. Do you consider setting your stop losses at some of these levels of close support here.**
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