Wednesday, May 27, 2020

Weekly Analysis For Gold

Marco Tosoni

FХ Strategist & Financial Commentator

After setting a new top around 1760 area a couple of weeks ago, gold has started a technical correction, with a drop towards 1710 area, as anticipated in the previous video.

The current scenario on gold, it seems ready to evolve into a trading range climax that could work between 1750 and 1680, where we have the closest and most important support, that could also represent the next buying opportunity in the coming weeks.

Looking at the RSI indicator, we can see how the divergence formed around the middle of May is finally working, thanks to yesterday’s fall. At the moment we don’t have relevant signals, so it will be necessary to wait for a further drop towards the oversold area, before evaluating new promising trades.

The technical picture scenario is still bullish as I already explained in some previous videos, so if the current trading range will goes on, it could create the perfect base for the next bullish rally. I also would like to remind you that the bullish target for 2020 could be expected around 1920 area towards the historical tops set in 2011.

Over the next two or three weeks, I believe that gold will try to test the support around 1680 area, where most probably the gold will begin the bullish swing that should push the prices towards the new yearly top.

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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