Gold neutral

Gold may grow a little, but potential is limited

26 july 2022 78
Volkov_Anton
Volkov_Anton

Listed among the best MarketCheese authors
1st in the segment "Currencies"
2nd in the segments "Indices" and "Metals"
3rd in the segment "US stocks"
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Last week the gold price fell to the last year low, it’s around 1680. Here the quotes started to grow, this movement was supported by reversal signals of RSI indicator and “bullish engulfing” pattern.

 

There is still potential for growth, up to 1770. For a more active upward movement, gold needs a significant weakening of the dollar. However, while the US currency is at twenty-year highs, it’s more likely to move within the current downtrend for gold.

Volkov_Anton
Volkov_Anton

Listed among the best MarketCheese authors
1st in the segment "Currencies"
2nd in the segments "Indices" and "Metals"
3rd in the segment "US stocks"
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