The uncertainty is the one which brought almost all asset classes to the down side during the previous week. The price of gold was also the one that was hit by geopolitical uncertainty, trade tariffs and expectations on interest rate levels. The price of gold entered into a short term correction, when only on Friday’s trading session gold was down by 1%, ending the week at the level of $2.858. The lowest weekly level was at $2.835.
The RSI moved from strongly overbought territory, down to the level of 49. The market is still on hold when it comes to the move toward the oversold market side. At the same time, there has been no change with moving average lines. Both MA50 and MA200 are moving as two parallel lines with an uptrend, in which sense; there is no indication of a potential change in the trend.
For some time now, the price of gold has been moving within the uncharted territory. Charts are pointing that the first support line is at the level $2.790. Whether the price of gold will make a correction up to this level, could not be noted with a higher probability. For the moment, the $2.830 level was the one which implied a stronger pull-back to the higher ground, which occurred on Friday. In the future period, it would be clearer whether this level represents a new support line. At this moment there is no historical data, which could support this assumption. Some reversals toward the upside are quite possible during the week ahead, considering that the markets need some time to digest current information related to geopolitics, trade tariffs and interest rate levels.
The RSI moved from strongly overbought territory, down to the level of 49. The market is still on hold when it comes to the move toward the oversold market side. At the same time, there has been no change with moving average lines. Both MA50 and MA200 are moving as two parallel lines with an uptrend, in which sense; there is no indication of a potential change in the trend.
For some time now, the price of gold has been moving within the uncharted territory. Charts are pointing that the first support line is at the level $2.790. Whether the price of gold will make a correction up to this level, could not be noted with a higher probability. For the moment, the $2.830 level was the one which implied a stronger pull-back to the higher ground, which occurred on Friday. In the future period, it would be clearer whether this level represents a new support line. At this moment there is no historical data, which could support this assumption. Some reversals toward the upside are quite possible during the week ahead, considering that the markets need some time to digest current information related to geopolitics, trade tariffs and interest rate levels.
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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.