Gold price prediction today: Why are gold prices under pressure? Check July 21, 2026 outlook
A breach of support at $3930 will expose $3850-$3875 levels as major support kicks in at $3750. Resistance is seen at $4050/$4115/$4205. Gold price prediction
A breach of support at $3930 will expose $3850-$3875 levels as major support kicks in at $3750. Resistance is seen at $4050/$4115/$4205. Gold price prediction today Gold prices continue to be under pressure and downside risks remain, says Praveen Singh, Head Currencies and Commodities, Mirae Asset ShareKhan. Gold Performance Gold came under pressure at the start of the week as oil prices jumped in overnight trading Monday due to escalating conflict between the US and Iran. However, oil surrendering its gains on possibility of renewed diplomatic efforts to address the Middle East crisis helped the metal stabilize. The yellow metal, at the time of writing this report on Monday night was trading slightly lower at $4116. Earlier, in the week ending July 17, spot gold closed with a minor loss of $3 at $4017 as it extended its weekly losing streak to the second consecutive week. Geopolitics and oil The US and Iran have intensified attacks on each other as the present conflict entered tenth day Monday. The US lost three of its troops in the weekend that took the death toll of US troops to 17. America attacked maritime facilities, Iranian Command centres, communication centres and a nuclear site in Southwest Iran. In retaliation, Iran continued to attack US installations in Jordan, Kuwait and Bahrain. It also attacked a desalination plant in Bahrain. The US President Trump has maintained that he will continue to attack Iran to degrade its ability to control Hormuz. Crude oil prices jumped over 3% overnight on escalating drone and missile strikes posing a risk that the war could become a full-scale war. However, prices pulled back as Iran said that it had received proposals regarding the war through mediators. The counter is drawing some support from the possibility of further disruptions in oil supplies as Yemeni Houthis said Monday that they would impose a ban on Saudi Arab's maritime traffic that can jeopardize transit through the Red Sea route.
In addition, oil loading at the Caspian Pipeline Consortium’s oil terminal on Russia’s Black Sea coast was suspended after drone attacks on the facilities. At the time of writing this article, Brent oil futures were trading little changed at $81.76. Warsh’s testimony The US Federal Reserve Chair Warsh, in his first semi-annual testimony to the US House Financial Services Committee and Senate Banking Committee on July 14 and July 15, respectively, reiterated that price stability is the prime objective of the Central Bank. He dismissed the softer-than-expected June data as just one data point. Upholding the Fed’s independence, he said that there was no political pressure from the President. His testimony has bearish implications for the yellow metal. Data roundup US Leading Index, released on July 20, fell 0.2% in June Vs the estimate of -0.1% and prior 0.1%. US Data released last week showed that CPI inflation, driven by the biggest decline in gasoline prices since 2022, declined in June for the first time in six years. Headline inflation fell 0.4% m-o-m from May; It was up 3.5% y-o-y Vs the forecast of 3.8% (prior 4.2%). Headline June PPI came in at 5.5% (forecast 6.2%), while the prior data was revised lower from 6.5% to 6%. US retail sales control group, whose components go into GDP calculation, came in at 0.5% (forecast 0.5%, prior upwardly revised 0.8%), while Philadelphia Fed Business Outlook threw a big upside surprise as the Index surged from 12.5 in June to 41.40 in July -- nearly five-year high. Import price Index rose 0.3% m-o-m in June (estimate -0.7% prior 1.7%); the Index was up 7.1% y-o-y (forecast 6.5% prior 6.6%). Housing starts in June surged from 1199K in May—si year low-- to 1427K in June. June industrial production at 0.1% trailed the forecast of 0.2% though.
The BriefWire