Weekly Gold Analysis
FХ Strategist & Financial Commentator
After setting a new top nearby 1670, yesterday’s session ended around 1650. Considering the relative strength of the Gold and the speed of the comeback towards the yearly tops area, the current correction it seems just a temporary pause within the ongoing strong bullish trend.
Looking at the RSI indicator, we can see that, despite of the strong rising movement set on the last three weeks, it’s still working below the overbought area, so most probably Gold have still the chance to accelerate towards the resistance area around 1700.
In case today’s session would ends nearby 1670 area, there will be a great chance for Gold to score a new yearly top during the next week.
The long term trend remains absolutely bullish, and this scenario could be put under discussion only in case of a weekly closure below 1600.
The volatility is still noticeable, even though as we can detect on the financial markets in general, it’s slightly decreasing. In my opinion, this represent another element that should favour a further bullish swing towards the target price that I predict around 1720/1750 area since November 2019.
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!