4 Global Market Updates- 16 July, 2022

 

In this article, we have covered the highlights of global market news about the Gold Price, AUD/USD, Bitcoin and Peso.
Gold Price Prediction: Turning or Burning as Bears Drive to 1700

This week’s decline in gold prices brought the loss from last month’s peak to -10%. (-9.96 percent, to be exact). Just before that move became apparent, I looked into a bearish reversal scenario, and a month later, bears are still firmly in charge of market activity.

Before reaching resistance in 1880 in June, gold prices had developed a rising wedge shape. It’s common to practice approaching the rising wedge in search of bearish reversals, and that’s precisely what started to emerge towards the middle of last month. And now, a month later, there is still very much evidence as sellers have driven prices down to test the psychological level of 1700, which has helped maintain support until the conclusion of the week.

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