GOLD (XAUUSD)
Dominant Bias: Bullish
Gold went downwards in June, but
went upwards in July, thus recovering some of the losses sustained in June. In
July, a low of 1204.53 was reached, while a high of 1270.63 was also reached –
showing bull’s supremacy. The bullish effort that was made last month has
resulted in a bullish bias, which is supposed to continue this month. Gold may
target the resistance levels at 1270.00, 1275.00 and 1280.00. These are initial
targets, which might be exceeded as price goes northwards in slow and steady
manner.
SILVER (XAGUSD)
Dominant Bias: Bullish
Silver plummeted in June and
early July, reaching a low of 14.3553. The low was reached as a result of a
flash crash that was experienced in the first week of July, which was quickly
recovered as price bounced seriously upwards, closing the month on a bullish
note. There is now a Bullish Confirmation Pattern on Silver, which signals
further bullish effort in August. The next targets are located at the supply
levels at 17.0000, 17.5000 and 18.0000, which would require a very strong
buying pressure to exceed.
BITCOIN (BTCUSD)
Dominant Bias: Bullish
Bitcoin is both volatile and
choppy (though the overall bias on the market is bullish). There was a serious
bearish movement in the first half of July, which
culminated in a gap-down. That threatened the bullish bias, but the second half
of the month saw an agreeable recovery as price went upwards by roughly 100,000
pips from the low of the month. This has helped emphasize the recent bullish
outlook on the market, which is expected to continue in August. The
distribution territories at 2900.00, 2950.00 and possibly, 3000.00 are being
aimed. However, there is a probability of a pullback as price approaches the
distribution territory at 3000.00, which is an important territory.
Traders’ Mindset: Traders' Mindset
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