Gold’s price is currently around 1738. As we can see in the weekly chart there is a bearish engulfing this indicates that the price is strong bearish unfortunately the overall trend is also on a downtrend. Last week’s candle looks like a Doji candle. Gold price might test the July low.
Check the weekly chart here.
Otherwise, in daily looks like forming a cup and handle pattern, but gold price may go lower before shooting up. There is two zone’s price may test which is around 1710 and around 1681 (July Low).
Check the daily chart here.
That’s in daily as an intraday trader we focus more on H4. As you can see from the chart given up there, the gold price is near to the weekly resistance become support (RBS) zone, if the price rejects that zone it may go up to the H4 drop base drop zone. Otherwise, if the price breaks the weekly (RBS) zone, maybe will test the h4 resistance become support (RBS) zone before continues drop. The overall price is on a downtrend so better focus on sell.
Fundamentally gold maybe can go down due to July inflation rates being lower than Jun, this shows that the USD is recovering. As we know that if USD strong gold price will go lower. There is non-farm payroll news in the coming week, let’s see what happens.
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