Wednesday, July 22, 2020

Weekly Analysis For Gold

Marco Tosoni

FХ Strategist & Financial Commentator

Over the course of this week, gold is accelerating with an incredible strength and in the early hours of today’s session has already scored a new yearly top around 1865, after the consolidation of the past week between 1790 and 1820, that seemed to have generated a temporary resistance zone that was easily broken in the end.

The average true range, during the last quarter is continually falling and gold is working on a solid upward trend, with an increasing relative strength, and it’s currently following the short-term trend-line that I have drew on the typical daily chart.

Taking a look at the RSI, we can see how it’s once again working within the overbought area and this element could anticipate a technical correction. Anyway, it will be necessary to wait for a bearish session in order to get the technical confirmation of a possible setup.

The long-term technical scenario is clearly strong bullish and I confirm once again that this situation will stand throughout the course of the whole 2020, and I remind you that the ultimate bullish target for this year, is expected around 2000 area, over the historical tops set in 2011 around 1920.

In conclusion, we can update the next supports in case of technical correction, around 1820 first and 1790 then. At the moment I think we can exclude the chance of a stronger falling movement.

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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