Gold: modest correction
As geopolitical tensions weakened during the previous week, and following negative correlation toward the US Dollar strengthening, the price of gold made a short term correction during the previous week. The price of gold started the week by testing the $2,7K resistance line, however, it swiftly reverted toward the downside, reaching its lowest weekly level at $2.611. Still, as of the weekend market was in a better mood, so the price of gold is ending the week at $2.670, touching the MA50 line.
The RSI was modestly corrected from the level of 57, down to the level of 50. Since the indicator manages to hold above the line of 50, shows that the market is still not ready to give up from the track toward the overbought market side. The moving average of 50 days is slowing down its divergence from the MA 200, however, there is no clear indication that the two lines are ready to start their convergence path.
The price of gold tested the $2,6K support line, and without a strength for a further move toward the downside, the price reverted a bit toward the $2.670. As per current charts, there is still positive sentiment which might bring the price of gold toward the higher grounds, at least till the next resistance line at $2,7K. This level might easily be tested during the week ahead, however, there is currently no indication that the level could be breached.
The RSI was modestly corrected from the level of 57, down to the level of 50. Since the indicator manages to hold above the line of 50, shows that the market is still not ready to give up from the track toward the overbought market side. The moving average of 50 days is slowing down its divergence from the MA 200, however, there is no clear indication that the two lines are ready to start their convergence path.
The price of gold tested the $2,6K support line, and without a strength for a further move toward the downside, the price reverted a bit toward the $2.670. As per current charts, there is still positive sentiment which might bring the price of gold toward the higher grounds, at least till the next resistance line at $2,7K. This level might easily be tested during the week ahead, however, there is currently no indication that the level could be breached.
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