Weekly Gold Analysis
FХ Strategist & Financial Commentator
During the last week, gold has managed to build a bullish base, with a double bottom figure, around 1450 area nearby the important support generated between November and December 2019.
During this week gold is showing a strong bullish acceleration pushing the quotes towards 1640 where we can detect the top of today’s session.
At this moment of time a correction is going on, with the quotes that are currently working around 1605/1610.
The technical scenario seems to be bullish again, even though for the next sessions gold must be able to stay above 1550 area and to build the necessary base in order to attack the current 2020 top towards 1700 area.
The volatility is still strong, with an average daily range around $ 60 and I would like to remind you how many professional investors are currently buying real gold, that is currently offering more stable prices in this hard time for the financial markets in general.
As always, I recommend you to trade carefully and to plan at best every move. Don’t forget to subscribe to NBH Markets YouTube Channel to stay up to date with the financial markets! Have a good trading and See you next week for a new video about Gold!