Gold: in an upside mood
The US inflation figures were the ones that the markets were awaiting to see during the previous week, in order to position accordingly. As the inflation was much in line with market expectations, the US Dollar gained, pushing the price of gold to the downside. The lowest weekly level reached was at Wednesday's trading session, where the market was testing the $2,6K support line for one more time. Still, considering ongoing demand for the gold, the price reverted back, ending the week at $2.656.
Since July this year, the demand for gold pushed the RSI indicator toward the overbought market side, and since then, the indicator is moving above the level of 50. During the previous week, the indicator modestly reached the level of 52, and again reverted back toward the level of 62. This indicates that the market is still not ready to start looking at the oversold market side. A reversal to the upside, increases the probability for another clear overbought side to be reached in the coming period. Moving averages of 50 and 200 for the last few months are moving as two parallel lines with an uptrend, without any kind of indication that the cross might come anytime soon.
The strong demand for gold continues to be strongly evident on charts. The unstable political situation is an additional factor which pushes the price of gold to the upside. Any kind of stronger reversal currently is not indicated on charts, in which sense, the price of gold might spend another week testing the $2,6K support line, without a clear indication where the price might stop on its way to the upside.
Since July this year, the demand for gold pushed the RSI indicator toward the overbought market side, and since then, the indicator is moving above the level of 50. During the previous week, the indicator modestly reached the level of 52, and again reverted back toward the level of 62. This indicates that the market is still not ready to start looking at the oversold market side. A reversal to the upside, increases the probability for another clear overbought side to be reached in the coming period. Moving averages of 50 and 200 for the last few months are moving as two parallel lines with an uptrend, without any kind of indication that the cross might come anytime soon.
The strong demand for gold continues to be strongly evident on charts. The unstable political situation is an additional factor which pushes the price of gold to the upside. Any kind of stronger reversal currently is not indicated on charts, in which sense, the price of gold might spend another week testing the $2,6K support line, without a clear indication where the price might stop on its way to the upside.
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