Bottom line: Gold prices have dropped below $1800 mark as we prepare this update. It would be too early to confirm a top in place at $1818 but probabilities remain high. A break below $1750 would confirm.

Fundamental Outlook:

DAX had managed to register an intraday high at 12869 levels, before reversing sharply. The indice closed at 12551, down more than -1.0% alongside the SPX500 and Dow Jones. Asian markets have opened gap down today with Nikkei and Hang Seng trading close to -0.80%, as we prepare to publish.

COVID-19 infections have surpassed 13 million worldwide and deaths over 575,000. The tally rose from 12 to 13 million in just 5 days with a few states in the US being worst affected. India has also been adding close to 25K per day since beginning of July and is now the 3^rd largest affected country.

Gold has slipped below $1800.00 mark after touching $1812/13 highs yesterday. The yellow metal might come under pressure as the US Dollar Index might see a surge across several majors. Risk associated currencies like the Aussie Dollar might have topped at 0.7000 handle.

Technical Analysis:

Gold had rallied through $1813 levels yesterday, threatening to push beyond $1818, the recent swing highs. The yellow metal has slipped below $1800 levels for now and could extend the drop towards $1750, in the immediate future.

Gold has remained bullish since $1260 lows in 2019, and might be close to terminating the religious uptrend. The wave structure would begin to turn bearish only on a break below $1750 support. Until that happens, it would be wrong to speculate on a potential top.

Most traders might be willing to stay aside for a while, and allow price action to confirm a break below $1750. Please note the RSI has been indicating a bearish divergence since long, on the daily chart. W bearish reversal might be very close.

Prepared by

Harsh Japee, Technical Analyst.

Gold Chart

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