Gold: still space for downside
Gold is gaining investors attention, at least based on the significantly increased daily trading volumes during the previous week. These daily volumes were last spotted on the market in September last year, when Gold rallied within the next few months. Whether such a situation will repeat itself is about to be seen, especially considering that there is an equal amount of both buying and selling orders. During the previous week the price of gold was traded in a red zone, following its correlation with USD. The price started the week at level of $1.970 and soon reached its lowest weekly level at $1.925. Still, the gold was last traded at price of $1.942 on Friday.
Gold ended the week by testing the $1.950 resistance line. RSI reached level of 44 during the week, but reverted a bit on Friday, ending the week at level of 46. However, regardless of this move, investors are still eyeing the oversold side. Moving averages of 50 and 200 days continue with their modest convergence toward each other, but there is still a difference between them, so the cross should not be expected anytime soon.
Current charts are pointing on a possibility for further move to the down side. There is potential for the level of $1.900 to be tested, but there is no indication that the price might go lower from this level. On the opposite side, the level of $1.950 will be tested at the beginning of the week.
Important news to watch during the week ahead are:
USD: Inflation Rate for July, PPI for July, Michigan Consumer Sentiment preliminary for August
Gold ended the week by testing the $1.950 resistance line. RSI reached level of 44 during the week, but reverted a bit on Friday, ending the week at level of 46. However, regardless of this move, investors are still eyeing the oversold side. Moving averages of 50 and 200 days continue with their modest convergence toward each other, but there is still a difference between them, so the cross should not be expected anytime soon.
Current charts are pointing on a possibility for further move to the down side. There is potential for the level of $1.900 to be tested, but there is no indication that the price might go lower from this level. On the opposite side, the level of $1.950 will be tested at the beginning of the week.
Important news to watch during the week ahead are:
USD: Inflation Rate for July, PPI for July, Michigan Consumer Sentiment preliminary for August
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