Wednesday, April 29, 2020

Weekly Analysis For Gold

Marco Tosoni

FХ Strategist & Financial Commentator

After the last technical correction towards 1660 area, gold has showed a bullish acceleration on last week temporarily bringing the quotes back to the yearly top zone, while a new bearish correction took place between last Friday and the beginning of the current week with quotes that are currently working around 1710.

Looking at the RSI indicator, we can see how the bearish divergence that I have already showed in some previous videos, is continually extending, even though it’s not able to produce a significant correction and this element should be considered a clue of a possible new bullish extension in the next months.

Looking on the daily chart, we can detect a forming congestion around 1700 area, with a great chance to generate a trading range at least for the next two or three weeks.

The long term trend is anyway still bullish, and in my opinion, only a weekly close below 1650 area could – temporarily – change this scenario. In any case, as already anticipated, I believe that the bullish target for 2020 could be predicted nearby 1920 area around the historical tops set in the 2011.

Talking about the volatility climax, we don’t have relevant news compared to last week, with the ongoing declining started in the second half of March so considering this I confirm that the months of May and June should be characterized by a trading range climax so most probably the next acceleration towards the target price should take place during the summer.

As always, I recommend you to trade carefully and to plan at best every move. Don’t forget to subscribe to NBHM 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!

Watch Full video

Recent Articles

Weekly Analysis For Gold

Weekly Analysis For Gold Marco Tosoni FХ Strategist & Financial Commentator During the second...

Weekly Analysis For Gold

Weekly Analysis For Gold Marco Tosoni FХ Strategist & Financial Commentator Thanks to the...

Weekly Analysis For Gold

Weekly Analysis For Gold Marco Tosoni FХ Strategist & Financial Commentator As anticipated in...