Gold: Weekly Forecast 22nd August 2021
The gold fell just a little after a very bullish recovery from the week before amid a strengthening dollar.
The gold has ranged throughout the week as it stayed resisted by the supply level at 1795.
The dollar has strengthened through the week on a hawkish Fed to start tapering this year and most pairs against the dollar had turned bearish but gold was somewhat resilience continued to stay supported within a range.
However, both highs and lows are notably becoming lower and we can expect the gold to start the week with a bearish tone at the beginning.
This week, we will look for selling opportunities as it pulls back to the top of its current range but expecting a strong rebound at the demand level at 1750.
The gold has ranged throughout the week as it stayed resisted by the supply level at 1795.
The dollar has strengthened through the week on a hawkish Fed to start tapering this year and most pairs against the dollar had turned bearish but gold was somewhat resilience continued to stay supported within a range.
However, both highs and lows are notably becoming lower and we can expect the gold to start the week with a bearish tone at the beginning.
This week, we will look for selling opportunities as it pulls back to the top of its current range but expecting a strong rebound at the demand level at 1750.
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