Gold price is still ranging around 1710, as we predicted one last week gold prediction price has touched the July low and rejected around 200 pips congratulations for those who followed. Let’s see for this week’s prediction, on the weekly timeframe as expected price has ejected from the July low, so we can expect a retracement before continuing to drop because the overall market is still on a downtrend.
On daily it looks like rejection and the formed bullish engulfing, That’s on daily, at H4 as you can at the chart I have attached up there, gold price is currently at the drop base drop zone. We can expect a small retracement maybe the price will go down to test the H1 support become resistance zone (SBR), if the price break the zone maybe the price will retest to the July low and there is a high possibility for the price break the zone because overall trend is a strong downtrend.
otherwise, if the gold price rejects the H1 support become resistance(SBR) zone price will retest the h4 drop base drop zone, there is a high possibility for the price to break the zone upward to test back the previous weekly resistance become support zone. If the price rejects the weekly resistance become support zone we can expect for a drop in price.
For a clear view of the chart click here.
Fundamentally, for this week there is Powell’s speech on 8 September maybe we can see a trend-changing movement for this news as we know Powell’s speech is usually used by the whales as a reference before they get into the market, So pls have your risk calculated before taking a trade on news time.