According to our analysis published on 22nd July we provided some bearish indications on our chart that would let the Gold go down to 1795. The head and shoulder pattern was one of the major factors to provide dovish momentum to the golden metal and make it lose its support at 1814. Now the current market price is near our necklines high again with MACD giving hints of strength being gained by the commodity earlier. Gold retrieved on US dollars weakness - which got hit by the dovish comments of Jerome Powell and not much stimulus was being provided to instignate King dollar with strength to achieve further highs. In one hourly chart gold went for a impulsive 5 wave bullish pattern with currently standing near 1828, thats where our necklines high is situated of the head and shoulder patter in four hourly chart. 

BULLISH AND BEARISH POSSIBILITIES/ CONDITIONS :

Current market price is a psychological level for gold to break, as in the high of gold in H4 i.e 1834 in order to move any higher towards 1861. For now gold is standing below 1834 as its weekly strong resistance and the hourly chart calls for a bearish correction. We still are within the range bound, before making any long term assumptions we need a breakout below 1781 to consider going short on gold. This zone is weak on supply and demand, to fill the order book - market makers will pull the pait a bit low from the neckline and we are considering selling the golden commodity from current market price until the completion of corrective structure in H1.

XAUUSD H4

Jul 29 2021

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