Gold return to the 1790 support after testing 1834. Gold swang through all of July between these two levels, now it maybe wants to repeat that move. Gold’s implied volatility remains subdued which is increasing this possibility. On the other hand, a breakout to the downside may carry the price to mid-levels of the recent surge, as seen on the chart, Fibonacci %50 level which is also near the long-term key level, 1765.
For upward moves to continue above 1834, gold must make 2 or 3 daily bar closes above the 233-day moving average (close to 1820). For more details, you can check our monthly report.