Gold price XAUUSD Weekly Forecast 27th – 31st July Gold Price Technical Analysis – Forex Trading
All the way to the 31st of july is the end of the month end of the monthly candle, and we shall start with big bullish movements. We’Ve had all this week last prediction was: we was down here down here on the last weekly forecast. I was expecting a bearish move and obviously we got bullish. But if you go by my weekly forecast last week you will re. You will see that i said if it goes over 1820 place. Your stop loss here, because this pattern that i gave last week is not being followed and you’re more likely to get more bullish movement. So have your stop losses around 1820 and don’t carry on with my analysis last week just to point that out, i did say place your stop loss at 18. 20.. Again, these videos are for educational purposes. Only anything i say in it is my own opinion and it’s. Just my look on the market for the following week. They should not be taken as any kind of trade signals or investment opportunities. I am not a billionaire i’m, not a genius. I cannot predict the future, so don’t go trading on what i just say in my weekly forecast, because i’m not responsible for any money you lose or win. I am not going to get it right every single week. So just take this as a bit of advice.
I just do these weekly videos, so you can learn on what i’m seeing and you can learn and do your own analysis don’t go by trading them as signals.
Basically, now that being out the way so we’ve had the bullish movements, we didn’t get bearish, obviously, because we went over 1820 like i said, and we have been bullish all the way from the end of the phase, which was here. I explained this in my previous videos a few weeks ago. It was in consolidation phase, which was here we was moving sideways. This was the day in and time in which we finished. That phase, which was exactly right. We was at exactly around 1800, which i pointed out before. That is the end of the consolidation phase. After that phase goes into impulse phase, i was predicting a impulse phase to go downwards, but obviously it went up. That is why you got the big hyper vision. Bullish movement is basically a over intense um impulse phase, so let’s go down and i’ll show you what’s been happening so obviously, where the arrow is is the new upwards trend that is likely to be broken this week coming. That will give a pullback. So all these grey lines are the new support we have been creating, as we have been moving upwards. So, as you can see, let me just get that up, get it in the right place. So, as you can see, we have approached this area which caused resistance.
We bounce sideways and then push through it. We created a new resistance. Then we had to turn the old one into support. So we bounced sideways, pull back re test that previous resistance and then it turns into support.
We bounce off it try again yep it’s, definitely support let’s go for the next resistance push through the next resistance, make a new one and that’s. Basically, what it’s been doing all the time upwards, pushing through resistance testing the previous ones, turning into support, pushing through resistance, retesting making it support pushing through, and that is where we currently are ending on um 4d. So what we’re likely to see here is obviously this is previous resistance, so what you could see is a tesla line again and then a movement up – or this could be the retest here – this little red candle. So you could get a line along there just like that. That could be the support area. So when you look at it, it could have already retested that support, and now we could be heading up more right. Now. I’Ve explained that let’s go back to the four hour chart, so what i’m predicting next to happen is at the start of the week we might get continuation upwards. I am expecting a pivot point or a turnaround whatever you want to call it between now, which is current price 1901 between now and the all time high, which is 1920 basically here 1920.
. That is the all time high, so i’m expecting a pivot point around. That area, if we go above 1920, then i am expecting it to be running on fundamentals and it’s expected to go a lot higher without a drawback, but it will be solely on fundamental basis, not technical analysis right.
Let me just see so if that’s, this white line does break, which is the upwards trend that has been created this week, if that does break they’re, not expecting it to pull back to this white line here around 1830 to 1820. This was the previous upwards um trend. Let me just show you that there you go. We had these the two double white lines here, which was the previous upwards trend. Most of the time. What happens? Is you get an upwards trend and then resistance? Well, the support increases creating a new upwards trend, which is what we got last week, which is there and then it breaks. And then we come down sideways like that. Creating a few a downwards move with a few pullbacks, basically fibonacci pullbacks, usually in the count of two or three. So you might get a few hills coming down here like that, so some little lumps if you don’t mean which are pull backs with fibonacci retracement, usually around the 50 to 61.8 marks, and then after that has retraced, then we should see more bullish movement or we Might carry on that is where the decision will be made once it gets down to here, whether the tick to continue up or go down, but let me just go to another chart, so you can explain more here.
We are on the daily chart here. Let me just zoom out there: we are the per pink lines. We’Re, calling pink the pink lines are the pattern we are following at the moment.
This would explain the big bullish movement which we got last week. This is another pattern which explains it. As you can see, we went into the corner of this rising wedge pattern and then we broke out up and the retest, the pullback that i explained would be a retest of that shape, so here’s 1870. Let me just zoom in so a pullback to here would be valid on this pattern too. So, like i said, pivot point between now and 1920, a pullback towards 18 1830 is expected. In my opinion, let’s just go to the weekly chart, so you can see what’s happening here. Nice pattern here, let’s go to the monthly chart. Actually, that might be a bit clearer. There you go. This is i’ve just explained this in the previous videos i’ve done. This is basically two wedges with a bowl and then a lump in the middle. This is what i call it. I don’t know what the technical term is. Lump in the middle comes out of the bowl and then forms another wedge to complete the pattern. Now, if you go over here, this is the first lump let’s just go to the weekly charts. You see a bit better, so this is the first wedge. This will make sense in a minute within the yellow box.
Basically, we go high, which is the all time high and then come down. We form another wedge. This is the support 1590 area of no 1550 area.
That is the support area and then we form another little wedge with it, which is a small one, and then we drop down into the bowl and then we go along the bottom and there’s a lump. We go over and then come up the other side. Now we are come right up the other side and we are currently near the highest point within this pattern. Now, to complete this pattern, we would go to 1920, which is the highest point on the other side. Let me just show you that, which is the highest point over here there. We are around 1920 1921, and that is what you are seeing over here at the moment, 1920 to 21, and then you should see a gradual pull back down towards the support, which is around 7 15 50.. If we do not get a pullback around 1920, then it can. It has the decision to either continue with this pattern or run on fundamentals to go higher. That is why i said if it goes hard in 1920, then it is solely on fundamental analysis, not technical, but once their fundamentals have corrected their self gold will come all the way back down to this support line, in my opinion, but at the moment that’s further On in the higher time frames, but at this current time we are working with this pattern and we are seeing a retest of this area within the next week or two.
So let me just see anything else.
Oh, yes, we have the dollar index, which is here. This is due for a pullback to uh to allow that drop. We got it needs a pullback or correction phase to then go down further if it wants to so this week, i’m expecting the dollar index dxy. To go into correction phase so that’s, why i’ve done the arrows pull back? It pull them back up and then the sideways movement. So this should allow gold to also give a pull back down like expected, so that would also give a visa reasonable, uh reason for a pullback down towards the low eighteen. Hundreds but, like i said, expert expect the pivot point between now and 1920s. Then aim down towards 1830s. You will get pullbacks if that does happen, but they will just be fibonacci, um retracement pullbacks, to allow further downwards movement. So if you wanted to trade them, you could also trade. Always trade downwards. Move take profit, wait for the pullback and then downwards move again but, like i said all these um, all the videos of educational purposes only go and do your own analysis and i hope you a happy trading week. Oh yeah um feel free to join the vip membership. If you would like all um information is in the video description. If you would like to, i give two signals per day, one on gold, one on four x, depending on what the opportunities are one day.
It might be two on gold or two on forex or one on each there’s.
A full cast hope that makes sense.