Weakening US Dollar gave some space for gold to slow down its road toward the higher grounds. The uncertainty over the US Administration trade tariffs was a fuel for the price of gold to reach all time higher grounds in the previous period, but as the time of its final implementation is uncertain, as well as the level of tariffs, the gold took some time for a short rest. However, the price of gold started the week at lower grounds, around the level of $2.830, while during the week was hedging up, reaching the highest weekly level at $2.930. Around this level, the price of gold was traded for the last three days of the week.
The RSI started its relaxation, ending the week at the level of 58. A clear reversal toward the oversold side has not been started. Moving averages of 50 and 200 days are still moving as two parallel lines, without an indication that the cross might come soon, as well as a potential trend reversal.
As per current charts, there is an indication of a probability for a short term reversal in the coming period. However, it is unclear whether this reversal will occur in the week ahead. Considering current general market uncertainty, the price of gold might continue to oscillate around current levels for one more week. When the reversal starts, charts are pointing to the level of $2.850. There is no clear indication that the price might go below this level. On a longer time frame, there is still an indication for the $3K, however, there is probability that this level might be reached after a short reversal toward the downside.
The RSI started its relaxation, ending the week at the level of 58. A clear reversal toward the oversold side has not been started. Moving averages of 50 and 200 days are still moving as two parallel lines, without an indication that the cross might come soon, as well as a potential trend reversal.
As per current charts, there is an indication of a probability for a short term reversal in the coming period. However, it is unclear whether this reversal will occur in the week ahead. Considering current general market uncertainty, the price of gold might continue to oscillate around current levels for one more week. When the reversal starts, charts are pointing to the level of $2.850. There is no clear indication that the price might go below this level. On a longer time frame, there is still an indication for the $3K, however, there is probability that this level might be reached after a short reversal toward the downside.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.