Wednesday, July 29, 2020

Weekly Analysis For Gold

Marco Tosoni

FХ Strategist & Financial Commentator

Over the course of this week, gold is still accelerating with an incredible strength and during yesterday’s session has scored a new historical top around 1980, before an intraday technical correction and a daily closure around 1960 with the formation of a big doji candle.

The average true range, has finally started to rise again after the strong rally set during the last 6 trading sessions and this element should anticipate the awaited technical correction, considering the temporary exhaustion of the rising swing.

Taking a look at the RSI, we can see how it’s strongly overbought and as mentioned on last week’s video 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 moreover the bullish target around 2000 area is almost reached so most probably during the next weeks it will be broke with the chance to accelerate towards 2200.

In conclusion, we can update the next supports in case of technical correction, around 1905 first and 1850 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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