After Downward Gold Will Correct its Position
Post by: Money Life Research,
Comment on Gold on July 5, 2021:
- At the end of June, precious metal Gold has had a strong decrease from 1915 to 1750, covering up the previous May's increase, forming a twin candle pattern, so in this July, the possibility of pressure selling will continue.
- Switching to the weekly time frame (W1), we see that after 3 consecutive weeks of decline, the last 2 weeks the buying force has reappeared but not too strong. Gold is currently facing a resistance around MA20 on the weekly chart, so there is likely to be selling pressure here.
- Considering the shorter time frame than D1, we see this more clearly. The price range 1787-1795 is still a fairly strong resistance area for precious metal Gold when from June 18, 2021 back here, it has not been broken and in my opinion at the beginning of this week's trading session, the possibility of Gold will correct. slight correction here. We can establish a short position in precious metal Gold at a present price with a safe target of around 1773 and expect around 1765.