Wednesday, June 10, 2020

Weekly Analysis For Gold

Marco Tosoni

FХ Strategist & Financial Commentator

As anticipated in the previous video, gold is still working within a trading range, between 1750 and 1680, that as predicted, it confirmed itself as a reliable support, after the test set on last Friday’s session and a prompt recovery in this first part of the week, pushing the quotes back towards 1715 area.

The current situation is proceeding with a noticeable technical precision, and if during the second part of the week there will be a further acceleration towards 1750, we could detect a first attempt to breakout the current 2020 top, currently set around 1760.

The RSI indicator is still working in the neutral zone so we don’t have any signal at the moment, while in case of there will be a new approach to the tops, it will be useful to analyse it, in order to evaluate the probability of a new resistance breakout.

The technical scenario is clearly bullish and in my opinion during the next weeks, the gold shouldn’t be particularly active. I would like to remind you once again, that the bullish target for 2020 could be expected nearby 1920 area around the historical tops recorder in 2011.

In conclusion, in case of a new bullish breakout, it will be most probably temporary, with a target price around 1770 and a continuation of the trading range for a few weeks more, before the next possible strong bullish rally, that should occur between August and September.

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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