GS Gold Weekly Review (20 – 24 July)

There is encouraging news for gold investors. During Thursday's trading session, gold successfully reclaimed the psychological level of USD 4,000 per troy ounce. Although the price pulled back on Friday, it managed to close above the USD 4,000 level, indicating that buyers are still defending this key support.

However, the overall market structure remains bearish, as gold continues to form a series of Lower Highs (LH) and Lower Lows (LL), confirming that sellers still have the upper hand.

From a technical perspective:

- Gold has now tested Trendline 2 (purple) six times, reinforcing its significance as a major trendline.

- Price has also broken below the median line of the bearish channel while trading near the lower boundary of the long-term bullish channel, suggesting that the market is approaching a critical decision point.

Key Levels to Watch This Week

📈 Resistance: USD 4,063 – USD 4,066 (including Trendline 2)

📉 Key Support: USD 3,887

If USD 3,887 fails to hold, there is a high probability that gold could continue its decline towards the major demand zone between USD 3,880 and USD 3,816.

Conversely, if buyers manage to push the price above USD 4,063 – USD 4,066 with strong momentum, a short-term recovery towards higher resistance levels may develop.

Market Outlook

Based on the current technical structure:

🔴 Bearish scenario: 70% probability

🟢 Bullish scenario: 30% probability

A stronger bullish trend would only be confirmed if gold breaks and closes convincingly above the key resistance at USD 4,218, signalling a potential shift in market structure.

⚠️ Disclaimer: This analysis is provided for educational and informational purposes only. It should not be regarded as financial or investment advice. Always conduct your own analysis and manage your risk appropriately.

GS Gold Insights

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