FX.co ★ Technical analysis on Gold for July 31st, 2023.

Red line- resistance

Gold price is trading around $1,966. Price reached the red downward sloping resistance trend line and is showing rejection signs. Price formed a new lower high after the rejection. Gold price remains vulnerable to a move lower as long as price is below the trend line. Gold continues forming lower lows and lower highs since the $1,986 highs. As long as price is below $1,966 we expect Gold to move towards $1,950 and lower. A break above $1,967 will provide a bullish signal and a new move towards $2,000.