Wednesday, June 24, 2020

Weekly Analysis For Gold

Marco Tosoni

FХ Strategist & Financial Commentator

Thanks to the bullish acceleration occurred between Friday and the beginning of this week, gold has scored a new yearly top around 1770 area, with a first breakout attempt that, as I have already anticipated in my previous videos, should be suddenly followed by a technical correction.

The rising towards the new tops is in fact characterized by a low volatility climax that should favour a slight drop during the next few days, most probably towards 1740 area.

The RSI indicator, as anticipated on last week’s video, is currently working within the overbought area and this element should favour the upcoming technical correction, that could concretize between the end of this week and the beginning of the next.

The technical scenario is always bullish and it’s easily to predict that this situation will stand throughout the course of the whole 2020. I remind you as always, that the bullish yearly target could be expected around 1920 area nearby the historical tops set in 2011.

In conclusion, in case the technical correction will concretize, it is possible to detect two reliable supports: the first around 1740 and the second around 1710 area. On the other hand, in case this week will end up with a consolidation around the current prices, it is possible that gold may extend the rising swing towards 1800.

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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