20.08.2020
The price of gold is correcting down for two reasons. Firstly, the asset is technically overbought, secondly, there’s an increase in demand for stocks with potentially bigger profits in the future. Expect that the gold to remain under $2,000 per ounce.
Technical side:
The price is below the middle Bollinger band, below SMA 5, but above SMA 14. Moving averages intersect and suggest selling. RSI is below the 50% level and is turning up. Stoch are in the oversold zone and uninformative.
Gold Spot rate online: monitor the price movement in real time.
Trading recommendations:
If the price falls below 1927.50, it will likely go further down to 1875.00.
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