Gold Forecast: Gold Tests Resistance, Can Bulls Bring the Break? 2021-07-30 20:00:00 James Stanley, Senior Strategist Gold Technical Forecast: Neutral Gold prices gained this week, helped along by the Wednesday FOMC rate decision. Gold prices are threatening a bullish breakout but, so far, buyers have been unable to test above the key level at the 50% retracement of the June sell-off. The analysis contained in article relies on price action and chart formations. To learn more about price action or chart patterns, check out our DailyFX Education section. June was brutal for Gold, with the yellow metal losing as much as -8.7% in what turned out to be the worst month since November of 2016. And if we align drivers, what showed in June wasn’t necessarily all that different from what was doing the pushing five years ago, as jitters around potential FOMC moves had investors trying to see around that next corner.