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GOLD PRICE ANALYSIS FOR THE MONTH OF AUGUST 2021 AND UPCOMING DAYS

GOLD PRICE ANALYSIS FOR THE MONTH OF AUGUST 2021 AND UPCOMING DAYS

BY ANDREWS JOSEPH

  1. After a significant sell of in June we did see the price of gold recovered in July.
  2. But again on 5th August last Friday huge single day sell off and made a low 1758$.

  3. It will be interesting to see how it perform in coming days since it is last high made in the month of August 2020 last year 2075$.
  4. A good base was made and has traded in tight range in the month of March and made a double bottom and the price was almost 10% down since then.
  5. The reason for significant drop on Friday is the U.S unemployment data released on Friday which is positive for Dollar index and negative for precious metal.
  6. And the other reason is if we look at the US stock market indices like S&P 500 , Dow and Nasdaq composite continuously hitting all time high. Even when they correct it has bounced back strongly.
  7. Of course this will change in 2nd half of this year and gold will move up as investors remain cautious and concerned about high high valuations in stocks and inflation worries and this will play bullish for gold.
  8. Strong support level  low 1787$ , 1748 and 1721.
  9. Resistance level high 1916, 1870 , 1834.
  10. If gold breaks 1756 we will see new low but that is not going to happen.
  11. From my point of view is that gold is bullish will be safe bet and the current price is low and we can accumulate as much as we can.
  12. Gold will go up till $1900 in coming months and close to last year.
  13. Buy gold in the form of physical metal or sovereign gold bond .and stocks related to gold.
  14. Gold will always glitter and we may see this may be the least low of gold.

Disclaimer: This content is only for educational and training purpose and I don’t recommend any one to trade or invest based on the above information. Please consult your financial advisor.  

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