Weekly Analysis For Gold
FХ Strategist & Financial Commentator
The rising swing towards the new top is working within a low volatility climax and this element should favour a slight drop in the next few days, most probably towards 1750 area.
The RSI indicator is still working within the overbought area and this is an ulterior element that should favour the incoming technical correction, that should be almost ready to occur.
The technical scenario is always bullish and most probably 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 1750 and the second around 1710 area. While in case of a sharp drop 1680 should be expected as solid and reliable support zone.
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!