July 21, 2023
Spot gold may revisit support of $1,966 per ounce, a break below could lead the movement towards $1,954-$1,961 range.
The deep drop from the Thursday high of $1,987.40 strongly suggests the completion of a upward movement from $1,902.45. The point ended around $1,945 will works as a target over the next few days. More realistic target is $1,961 or $1,954. The bounce triggered by the support of $1,966 is expected to be short-lived.
Resistance is at $1,977, a break may lead movement towards the $1,981-$1,987 range. On the daily chart, gold failed to break a resistance at $1,984. The failure is likely to be followed by a deep correction or a resumption of the downtrend from $2,072.19.
The correction may extend to $1,939 or below $1,900.
