July 31, 2023
Spot gold may sliped towards $1,942 per ounce, as it seems to have completed a bounce triggered by this level.
The bounce only briefly extended above a resistance at $1,961. The disruption of the rise, coupled with the following drop, suggests a continuation of the downtrend from $1,982.
Resistance at $1,963, break above could lead towards $1,969 which may be weak. On the daily chart, the up movement on Jan. 28 looks not big enough to form a bullish reversal pattern, together with the preceding big down movement.
A short-lived bounce triggered by the support of $1,939 may have ended around a resistance at $1,963. The metal is expected to retest the support.
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