22 July - 26 July Weekly View

Gold's rebound from 28437 (USD 1179.40) continued last week but the upside momentum wasn't convincing, finding it hard to break and hold above 31369 (USD 1301) level until today, Monday morning. Over the weekend it kind of gaped up and opened today at 31659 (USD 1313.01). Further rise is mildly in favor towards 32546 (USD 1349.80) once it overcomes a resistance of 31875 (1321.97). But strong resistance could be seen at 32859 (USD 1487.20) to limit the upside and bring another fall. On downside, below 29100 (USD 1206.90) will indicate that the recovery from 28437 (USD 1179.40) has completed and larger fall is resuming for another low.
But for now we are cautiously Bullish. As of now, the upside momentum is just a correction until it breaks and holds above 36811 (USD 1526.70).

Trade Happy , Trade Safe :)


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