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Part 2: What Drives Gold (XAUUSD) Prices?

Posted: 25 Jul 2021 06:03 AM PDT

Previous Article:
XAUUSD (Gold Spot) & MCX Gold Will Skyrocket?

What’s Next:
Key levels: 1793.6 and 1783.6
According to my previous newsletter, my gold key levels will remain the same. It’s not sellable until breakout the 1766 (strong support).

In XAUUSD, buying pressures are increasing. We may see 1812 – 1824 – 1836+ levels.

Alternatively, gold is taking a reversal from the first key level, so its upside rally may be weak. But, day traders can play between my range. And stop buying when it breaks the first key level. That could drag down the gold price directly at the second key level (1783.6).

And gold’s closing price below 1783.6 means blast. It may hit the strong support level directly.

Please note, don’t forget to watch significant releases or events mentioned above in the chart that may affect the movement of gold, silver, and crude oil.

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