Gold was traded relatively flat during the previous week, moving within a range of $3.370 and $3.313. The safe-haven asset was holding relatively steady on eased geopolitical and economic tensions. The US Dollar gained a bit last week on better than expected inflation and jobs data posted during the week. Analysts are in agreement that current concerns related to the U.S. debt growth and further trade tariffs updates will certainly support the price of gold in the near future period.
The RSI was holding relatively steady modestly above the level of 50. This indicates that investors are still not ready to take the move toward the oversold market side. The MA50 modestly slowed down its divergence from MA200, however, two lines are still holding a higher distance between them, in which sense, cross is certainly not in store for some time in the future.
Charts are indicating that the price of gold continues to be well supported around current levels. There is some potential for a small move toward the down side, till the levels around $3.310. Also, the $3.3K support line might be tested. On the opposite side, any news related to geopolitical or economic tensions might swiftly push the safe-haven asset toward the upside, at least till the level of $3.370.
The RSI was holding relatively steady modestly above the level of 50. This indicates that investors are still not ready to take the move toward the oversold market side. The MA50 modestly slowed down its divergence from MA200, however, two lines are still holding a higher distance between them, in which sense, cross is certainly not in store for some time in the future.
Charts are indicating that the price of gold continues to be well supported around current levels. There is some potential for a small move toward the down side, till the levels around $3.310. Also, the $3.3K support line might be tested. On the opposite side, any news related to geopolitical or economic tensions might swiftly push the safe-haven asset toward the upside, at least till the level of $3.370.
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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.