Wednesday, June 17, 2020

Weekly Analysis For Gold

Marco Tosoni

FХ Strategist & Financial Commentator

As anticipated in the previous video, after the test of the major support around 1680 area set about two weeks ago, the quotes rose towards the upper side of the trading range nearby 1750, where the gold has tested again the strong resistance area, with a consolidation over the past 4 trading sessions.

The current situation on gold is currently showing a great balance between buyers and sellers, with a further compression of volatility that im expecting to characterize the next few weeks too.
The RSI is currently working within the neutral zone so during this week we can’t expect new significant signals, even though in the second part of this week in case of a new test of 1750 area the indicator should move towards the overbought level.

The long-term technical scenario is clearly bullish and I confirm the probable continuation of the trading range before the next major bullish acceleration and I remind you as always, that the bullish target for 2020 could be expected around 1920 area around the historical tops of 2011.

In conclusion, during the second half of this week, we can exclude the chance to score a new yearly top. In my opinion, most probably gold will show a further consolidation around the current quotes before the next breakout attempt.

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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