Gold neutral

Gold may grow a little, but potential is limited

26 July 2022 158
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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.

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