Gold Price Clears July Opening Range
The price of gold clears the opening range for July to trade above the 50-Day SMA ($1958) for the first time since May.
Gold Price Outlook
The price of gold extends the series of higher highs and lows from last week to register a fresh monthly high ($1960), with a break/close above the $1972 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension) region raising the scope for a run at the June high ($1984).
Next area of interest comes in around $2018 (61.8% Fibonacci extension), but the price of gold may face range-bound conditions as the moving average no longer reflects a positive slope.
Failure to break/close above the $1972 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension) region may keep the price of gold within the June range, with a move below $1937 (38.2% Fibonacci extension) bringing the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) area back on the radar.
Gold Price Outlook
The price of gold extends the series of higher highs and lows from last week to register a fresh monthly high ($1960), with a break/close above the $1972 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension) region raising the scope for a run at the June high ($1984).
Next area of interest comes in around $2018 (61.8% Fibonacci extension), but the price of gold may face range-bound conditions as the moving average no longer reflects a positive slope.
Failure to break/close above the $1972 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension) region may keep the price of gold within the June range, with a move below $1937 (38.2% Fibonacci extension) bringing the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) area back on the radar.
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