Weekly Gold Analysis
FХ Strategist & Financial Commentator
During the last week, gold has generated a resistance around 1640 area, before yesterday session, when we had a correction that brought the prices back to the important support set nearby 1570 area.
During this session, gold is trying to bounce with the prices that are currently working around 1585 with the chance to accelerate towards 1600.
The RSI is currently in the neutral zone so it doesn’t giving any particular information at the moment.
The technical scenario it seems to be still bullish, even though it’s very important that yesterday’s drop will be recover during the week, with a closure around 1625 area, that would represent an important strength proof by the gold.
The volatility is still relevant, even though during the last few days it’s slightly falling, and this represents a further element in favour of a new rising swing of the gold; I remind you once again how many investors are currently preferring real gold, that offers more stability in this hard moment for the financial markets.
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!