Wednesday, May 20, 2020

Weekly Analysis For Gold

Marco Tosoni

FХ Strategist & Financial Commentator

After working within a trading range around 1700 area between the end of April and the beginning of May, a new bullish rally has begun in the second half of last week, culminating with a new yearly top nearby 1760 on last Monday’s session.

As mentioned in the previous video, I was expecting a further extension of the trading range built around 1700 area, while the gold was able to set a strong and pretty surprising acceleration.

Taking a look at the RSI indicator by the way, we can detect a new precise bearish divergence, that should favour a short-term correction, with a possible target price around 1710 area.

The technical scenario is clearly still bullish and this further acceleration represents just another confirmation, so as already anticipated, the bullish target for 2020 could be predicted around 1920 nearby the historical tops area set in August 2011.

Considering the noticeable strength of the gold, the next bearish movements should be represented by just a short-term technical corrections and the chance that the new historical top will be scored during the summer looks definitely concrete.

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!

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