Sun, Aug 01, 2021 @ 12:01 GMT
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SPOT GOLD – Bears Take A Breather But Recovery Attempts Stay Capped By Daily Cloud

Gold price is higher on Tuesday on profit taking from three-day steep fall, which hit new 2 ½ week low at $1322.

The upside action was so far limited as strong dollar and reduced safe-haven demand continue to weigh.

Recovery attempts were so far capped by daily cloud base ($1328) and stronger upticks are expected to stay under solid resistances at $1331 (55SMA) and $1334 ( daily cloud top / 30SMA) to keep bears intact for fresh downside and test of 100SMA support at $1318.

Only firm break and close above daily cloud would sideline immediate downside risk and signal stronger retracement of $1355/22 bear-leg.

Res: 1328, 1331, 1334, 1337
Sup: 1322, 1318, 1315, 1311

Windsor Brokers Ltd
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