Gold price is currently at 1766.01 as predicted last week, the price has broken the weekly resistance zone and the price continues rising by breaking our high-risk zone and price rejected at the H4 supply zone. Overall, it’s a strong bullish momentum for last week and the July monthly candle closed on a strong rejection.
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For the coming week, gold price is near to H4 supply zone so high possibility for the price test in the H4 supply zone. If the price is rejected at the H4 supply zone we can expect a drop till the high-risk zone but if the momentum is strong bearish price may drop till the fresh weekly resistance breakout zone.
Otherwise, if the gold breaks the H4 supply zone price will test the fresh daily support become resistance (SBR) zone. The price will probably be rejected and test back the h4 supply zone. If the momentum is strong and bullish may be because of any high-impact USD news, then we can expect for a breakout at the fresh daily support become resistance (SBR) zone. Every fresh breakout zone will be rejected at least once but it also depends on the price action and the confirmations. In case the price break the fresh daily support become resistance zone we can expect a further rise in the gold price.