Gold Price Latest: Multi-Month Lows Remain in Sight

[MongiIG]

Jul 19, 2022 | DailyFX
Nick Cawley, Strategist

GOLD PRICE (XAU/USD), CHART, AND ANALYSIS

• Gold needs a driver to break the current lethargy.
• Retail traders remain heavily net-long of gold.

A lack of any fresh drivers is taking its toll on gold this week with the precious metal stuck in a short-term range with little reason to look for a breakout. The FOMC meeting next week means that a Fed-speak blackout is in place and with no real big economic releases in the US, markets are starting to tread water ahead of next week’s decision.

[MongiIG]

Gold Price Technical Forecast: Gold Collapse Underway- Big Picture Levels

Jul 19, 2022 | DailyFX
Michael Boutros, Strategist

GOLD TECHNICAL PRICE FORECAST: XAU/USD WEEKLY TRADE LEVELS

• Gold price updated trade levels - Weekly Technical Chart
• XAU/USD five-week decline breaks multi-year uptrend– initial support objectives in view
• New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guides

Gold prices collapsed more than 18% off the yearly highs with XAU/USD plunging through key technical support last week. A five-week sell-off takes the yellow metal within striking distance of the 2021 lows and while the broader risk now shifts to the downside, the immediate decline may be vulnerable into support just lower with the Federal Reserve interest rate decision on tap next week. These are the updated targets and invalidation levels that matter on the XAU/USD weekly technical price chart. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this gold technical setup and more.