July 24, 2023
Spot gold has briefly pierced below a support of $1,964. It is likely to overcome this barrier and fall towards $1,923-$1,939 range.
The metal may bounce moderately into $1,965-$1,968 per ounce range before retesting a support of $1,956 at first then $1,923-$1,939.
The uptrend from $1,902.45 has reversed, as confirmed by a break below a rising trendline. The trend could be divided into five waves.
The wave 4 ended at $1,945.65, a low touched on July 17. This low works as a target over the next one or two weeks. A break below $1,957 could confirm the continuation of the downtrend towards $1,951.
On the daily chart, the consecutive drops over the past two trading sessions are good enough to confirm a completion of the bounce triggered by the support at $1,897.
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