Gold Looking to Chart Trough on Weekly
The below is the weekly chart of XAUUSD. Given that the risk markets are generally overbought it is instructive to consider gold. One would imagine that as capital leaves the risk markets, and as their oscillators normalise, that it will find a new home in havens. To this end, gold may be charting a turning point. We note that last week's candle may be a bullish reference candle i.e. a candle with the lowest low in at least a 3-candle cluster. Price this week has moved above last week’s high, but it will need to close above it to give real weight to the bullish reference candle scenario. On a relative level, the precious metal’s RSI was oversold and is now correcting (green rectangle). We continue to monitor.
Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.