XAUUSD (Gold Spot) & MCX Gold Will Skyrocket?

In June, XAUUSD and MCX Gold crash due to FOMC events. It has recovered almost 60% to 70% loss in the July month.

You can read the previous articles of Gold Spot and MCX Gold to catch the next move.
June 27, 2021 – Outlook: Gold downtrend stopped at 46720

I have written, “It’s not sellable until following the above scenario. We can see the gold prices at 48000 – 49000+ in the upcoming days”.
And MCX Gold has completed the first target in the last week.

June 21, 2021 – Will Gold Spot Decline More?

Weekly outlook of Gold Spot

Gold spot needs to break 1809 levels to retest support of 1793.6 – 1783.6. These support levels will push the gold price higher. Gold isn’t sellable until the breakout of 1766 (strong support).

XAUUSD will touch 1858 – 1898 levels soon.

Weekly Outlook of Indian MCX Gold

This week gold may remain downside until it breaks the levels of 48520. It can be up to 47580 – 47200. But, once it crossover the 48520 levels, then it will become unstoppable again. And we will see 49000 – 49500+ levels soon.

Watch significant releases or events that may affect the movement of gold, silver, crude oil, and natural gas:

Wednesday, Jul 21, 2021
02:00 API Weekly Crude Oil Stock – Medium Impact
20:00 Crude Oil Inventories – High Impact
20:00 Cushing Crude Oil Inventories – Medium Impact

Thursday, Jul 22, 2021
20:00 Natural Gas Storage – Low Impact