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Gold price forecast for the week of July 19-23, 2021

Gold price forecast for the week of July 19-23, 2021

Gold ends the trading week near the 1816 area. XAU/USD quotes continue to move within the correction and the formation of an inverted "Head and Shoulders" model. Moving averages indicate the presence of a bullish trend in Gold. Prices broke through the area between the signal lines down, which indicates pressure from sellers and a potential continuation of the fall. At the moment, we should expect an attempt to develop a price correction and a test of the support level near the 1760 area. Further, the continuation of the growth of the Gold price with a potential target above the level of 2055.

An additional signal in favor of the rise in quotations and prices for Gold in the current trading week on July 19-23, 2021 will be a test of the trend line on the relative strength indicator. The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the 1665 area. This will indicate a breakdown of the support level and the continuation of the fall in Gold prices with a goal below the level of 1545. The confirmation of the growth in the value of the asset will be the breakdown of the resistance area and the closing of quotes above the level of 1965, which will indicate the completion of the formation of the ”Head and Shoulders " reversal model.

Gold price forecast for the week of July 19-23, 2021

Thus, the forecast of the Gold price for the week of July 19-23, 2021 suggests an attempt to test the support level near the 1760 area. Then, the continuation of the growth of Gold prices with a goal above the level of 2055. A trend line test on the relative strength indicator will be in favor of a rise in quotations. The cancellation of the Gold growth option will be a fall and a breakdown of the 1665 level. This will indicate the continuation of the decline in quotations in the area below the level of 1545.

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