Gold technical analysis:
Gold is currently on track for a fifth consecutive bullish week, and at current level it would close at a record high on the weekly chart (even though it trades beneath last week’s high). However, it is also on track for an inside week, which shows a loss of momentum from the bull camp. A bullish inside day also formed on Thursday, further suggesting gold remains rangebound between 2355 – 2400 with diminishing volatility. And looking at the calendar there is a reasonable chance gold could remain rangebound today.
Gold is currently on track for a fifth consecutive bullish week, and at current level it would close at a record high on the weekly chart (even though it trades beneath last week’s high). However, it is also on track for an inside week, which shows a loss of momentum from the bull camp. A bullish inside day also formed on Thursday, further suggesting gold remains rangebound between 2355 – 2400 with diminishing volatility. And looking at the calendar there is a reasonable chance gold could remain rangebound today.
Trade closed: target reached
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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.