Gold market analysis

Gold Price Expected to Continue Rising—Buy Bias Recommended  
July 23, 2026, 9:29 AM  

As expected, gold prices have maintained an upward trend. From the daily chart perspective, spot gold has closed above the 20-day SMA (currently around 4075) for two consecutive trading days. Although it had previously closed above this level for two days in early July, only to fall back below on the third day and resume its downward momentum, today's close above the 20-day SMA strengthens the likelihood of a strong rebound. However, the next key resistance remains at the 50-day SMA (currently around 4243). A breakout above this level could signal a reversal of the downtrend that began in early March this year. 

Moreover, gold prices on July 17 showed a relatively high low (not below the June 30 low). According to wave theory, waves 1 and 2 have already formed, and we are now entering a strong upward third wave. If the rise in wave 3 equals 1.618 times the gain of wave 1, gold could climb to $4,379.47, with wave 5 potentially testing $4,500. Using a simple double-bottom measurement method, gold could also rise to $4,460. 

From the hourly chart, if measured by Fibonacci extension levels, gold could rise to $4,219.22 if the upward move since July 17 reaches 100% of the gain from June 30 to July 6. If the current price action is considered to be in Wave 3, any pullback should be viewed as a buying opportunity. Whether investors choose to capture potential profits during these corrections depends on their risk appetite and market responsiveness. Otherwise, it may be wiser to focus on following the broader trend with lower risk, as trading both sides could lead to losses outweighing gains. 

The above information is for reference only and does not constitute investment advice.