GOLD: What's the Next Support?
Hello everyone! Today i want to share some macro analysis with u!
1.
$Gold - main 2408(GCmain)$ $XAU/USD(XAUUSD.FOREX)$ On Tuesday (23 July), spot gold prices rebounded strongly, gold prices once broke through $2410 per ounce during the session, and eventually closed near this level.
Because India cut gold and silver import tax initiative is expected to boost global gold demand, spot gold to end the situation of four consecutive losses.
To remain bullish, gold prices need to breach $2423/oz. Once that level is breached, the next resistance level for gold prices will be $2,450/oz before challenging the all-time high of $2,483/oz.
After that, gold prices will aim for the $2,500/oz round figure mark.
A deeper correction is possible if the gold price falls hard below the 22 July low of $2,384/oz. The next support level for gold prices will be the 50-day simple moving average (SMA) at $2,359/oz.
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