We revealed last week that the week of July 19th would be a transition week in gold with some downside pressure. Prices remain within the previous week’s lows and highs to transit the market in the next direction. We discussed the significance of 1802. The price of spot gold closed at 1801.88 on Friday. The resistance for spot gold last week was listed as 1825-35, while the support was listed as 1790-1802. The week’s high was 1824.87, while the low was 1789.50. The weekly support level in spot silver was expected to be 24.80, and the low was 24.73. As we discussed on WhatsApp and in our newsletters, spot silver did not close even 2 hours below 24.80.
There have been new developments since the end of the gold transition week, which we will discuss in today’s report. Short-term cycles are telling a different story, as the US dollar index approaches the first resistance level from the long-term support bottom.
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