Based on the Asian markets' selloff, the withdrawal of foreign investors from treasury securities and the cooling down of the bulls' run in US equity markets, I will disregard the downward pressure at the moment.
Gold is likely to make another attempt to retest the resistance and successful breakout will open its way to 1842.
Gold will retest the 1836area mainly due to the rising concerns over delta variant.
A failure to breakout above and FOMC's meeting will result in a drastic drop of Gold prices to its strong support zone of 1782 - 1768.
Mostly the fundamentals are at play this week.
Gold will retest the 1830s resistance mainly due to growing delta variant's concerns.
Later in the week, FOMC's minutes and other significant data will cause a drastic drop to 1760's area.
A rejection from 1760's will lead Gold all the way to 1900's in coming weeks.
Advise: Please avoid taking short positions below 1782 area.
Yes, Gold is going to stay in a strong bullish trend due to econometrics. I will not advise entering a sell position below the 1800s.
However, this bearish trend is going to coincide with the drop in treasury bonds, and the subsequent rise in the US10Y.
Technically speaking we can look at 1764 area, but I strongly believe, waiting for it is not going to take...
EURUSD is at the resistance level and has been carrying along with the trendline.
With DXY retesting the support level and continuing the bearish momentum, it seems to be gathering load to breakthrough the current resistance level.
RSI indicates a divergence in bullish trend.
Likely to restest the 1.27120 support level upon rejection from the resistance.
