forextidings

Gold will come back to the $1800 level?

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
On 16 July, gold has crashed over 60$ during the FOMC event. At that time, Commodity Futures Trading Commission (CFTC) data was highlighting selling pressure.

GOLD - COMMODITY EXCHANGE INC.
FUTURES ONLY POSITIONS AS OF 07/27/21
(CONTRACTS OF 100 TROY OUNCES) | OPEN INTEREST: 500,187

NON-COMMERCIAL & COMMERCIAL TOTAL
-----------------------------------------------------------------------
LONG 452,107 | SHORT 481,533

Ref: CFTC Gov

And on 27 July, CFTC data was said OI (Open Interest) of a gold future contract is 500,187 and total shorts 481,533 & buys 452,107. But, gold prices increased.

We have to notice that the bullish rally wasn't powerful compare to the 16 July data. And selling pressure has higher compare to buyers. Hence gold has moved bearish side in the last trading session.

If gold wants to move upside, then it has to crossover my strong resistance. That will lead the gold's prices above 1840 - 1860 - 1882 - 1900.

But if you focus fundamentally & CFTC data, XAUUSD will keep falling and touch the following targets: 1793.6 - 1783.6 - 1763.6. Gold is making double top formation also.