FX.co ★ Trading plan for Gold for July 14, 2021

Technical outlook:

Gold might be testing interim resistance around $1,810/13 levels as we prepare to publish today's update. The yellow metal had earlier rallied through $1,818/19 highs, almost testing fibonacci 0.382 retracement of the recent drop between $1,870 and $1,750/60 levels (not shown here). If the above resistance holds well, bears might resume lower toward $1,720 in the near term.

Gold is seen to be trading around $1,814 levels at this point in writing and might soon find resistance close to $1,820/25 zone. Immediate interim resistance is seen at $1,818 mark, while support comes in around $1,750 levels respectively. A break below $1,720 will prove further bearish for the metal and open doors towards $1,720 levels at east.

Looking at the wave structure since $2,075 highs, Gold might be producing an A-B-C-D structure, which might complete around $1,430/50 level in the next few weeks. The metal may retrace a bit more towards $1,850 levels but eventually bears are expected to be back in control and drag lower towards $1,450 at least.

Trading plan:

Remain short, add more @ 1,850, stop @ 1,900, target is @ 1,720 and @ 1,450

Good luck!