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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.



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Weekly analysis of Gold

Gold price started the week close to where it ended. Price pulled back below $1,700 critical support but until the end of the week price managed to reclaim the $1,700-$1,710 support area. Gold bulls remain in control of the trend and could try to push price to new higher highs once again.


Black lines -bearish RSI divergence

The weekly RSI continues to provide a weekly bearish divergence. This does not mean that price cannot go towards $1,770-80. This is key resistance now. Support remains key at $1,700 and breaking below it will increase chances of a move towards $1,650-30. Currently I prefer to be neutral and look for shorting opportunities when and if price makes new highs close to $1,780.

The material has been provided by InstaForex Company -