23 July Gold Price Technical Forecast: Gold pullback to be short-lived


Gold’s corrective rally from the 12-month low of $1,211 is running out of steam. How is the yellow metal currently trading and what should traders expect? Today’s 23 July Gold Price Technical Forecast will explain.

23 July, GKFX – The yellow metal has created a rising wedge-like pattern on the hourly chart and the 14-hour relative strength index (RSI) has rolled over from the overbought territory.

23 July Gold Price Technical Forecast

Hence, a minor price pullback could be in the offing before technical recovery gains more ground, as indicated by the bullish price-RSI and bullish price-stochastic divergence.

Hourly chart

Current price: $1,232

Daily High: $1,235

Daily Low: $1,230

Trend: Pullback to be short-lived

Resistance

R1: $1,235 (200-hour moving average)

R2: $1,238 (July 3 low)

R3: $1,245 (July 17 high hurdle on the hourly chart)

Support

S1: $1,227 (100-hour moving average)

S2: $1,224.50 (rising wedge support + 50-hour moving average)

S3: $1,211 (July 19 low)

Disclaimer

This article 23 July Gold Price Technical Forecast was provided by GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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