Weekly Analysis for Gold
FХ Strategist & Financial Commentator
During the last week, gold has moved within a narrow trading range between 1595 and 1545.
As I explained in the previous video, Gold should go on within this trading range scenario for the next couple of weeks, before trying to breach the 2020 top around 1612.
On the last few sessions, a bearish divergence has formed on the RSI indicator that has started to concretize since last Monday, with about 50 dollars drop.
Despite of that, the long-term trend is still clearly bullish and from the technical point of view, only a weekly close below the bottoms of November and December 2019, around 1440 area could change this scenario.
I remember as always, that the target price for 2020 is expected between 1720 and 1750 and most probably, it will be reached only in the second half of this year.