Bottom line: Gold long term structure might be turning bearish against $2075, going forward. The yellow metal seems to have carved a meaningful top and could be consolidating before resuming lower. Watch out for a break below $1862 to confirm a top and accelerate lower.
Fundamental Outlook:
DAX had managed to rally over +2.25% yesterday, closing in at 13075 mark. Futures are trading higher towards 13160 mark, as we prepare to publish. The Q2 GDP for Germany clocked in better than expected at -11.3% today. The indice might be facing selling pressure around 13300 mark. The upcoming Jackson Hold Symposium would be a closely watched event as well.
WTI Crude has held below the $43.50 high registered on August 05, 2020. Price action has remained subdued since then, as the commodity remains vulnerable for a sell off. With the US Dollar set to gain, risk assets, global indices along with Oil might go the other way.
Gold prices consolidate after peaking at $2075 levels on August 07, 2020. A failure to push above all-time highs in the next few sessions may add to further selling pressure coupled with the expected US Dollar strength. The metal might trade in a range between $1930 and $2000 for a few more sessions.
Technical Analysis:
Gold prices might have topped around $2075 early this month. The yellow metal might be consolidating as price action remains subdued within a trading range. Bears might be inclined to break below $1862 and confirm that a meaningful top is in place.
Gold has managed to carve a series of higher highs and higher lows since $1262 lows. The yellow metal has remained in control of bulls and might have hit major resistance around $2075 levels. Having said that, probability remains for another spike higher before finally giving in to bears.
Most traders might be preparing to sell on rallies through $2075 or higher, and avoid getting into a bull trap. Upside remains limited from here and resistance would be strong around the $2032.00 mark, going forward.
Prepared by
Harsh Japee, Technical Analyst.
Gold Chart
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