Gold: safe-haven, again
The price of gold had one of better weeks during this year, with a price move from $2.560 up to $2.712, where it is ending the week. Geopolitical uncertainties for one more time have pushed the price of gold toward the higher grounds, and broken its negative correlation with the US Dollar. The US Dollar continued strengthening during the week, while the expectations on a rate cut in December FOMC meeting were further decreased.
The RSI was pushed strongly from almost oversold territory toward the level of 58. The market clearly showed that it is more interested in the buying side. Moving averages of 50 and 200 days are still moving as two parallel lines with an uptrend, without any indication that this trend might change in the coming weeks.
Gold continues to be perceived as a safe-haven asset. During times of any kind of uncertainty, currently active is geopolitical uncertainty, it could be expected that the price of gold will seek for higher grounds. Taking into account ongoing geopolitical risks, it could be expected that the price of gold might continue its move to the upside at the start of the week ahead, at least till the level of $2.750. A short reversal is also possible, but not a significant one. The support line at $2,7K might be tested during the week.
The RSI was pushed strongly from almost oversold territory toward the level of 58. The market clearly showed that it is more interested in the buying side. Moving averages of 50 and 200 days are still moving as two parallel lines with an uptrend, without any indication that this trend might change in the coming weeks.
Gold continues to be perceived as a safe-haven asset. During times of any kind of uncertainty, currently active is geopolitical uncertainty, it could be expected that the price of gold will seek for higher grounds. Taking into account ongoing geopolitical risks, it could be expected that the price of gold might continue its move to the upside at the start of the week ahead, at least till the level of $2.750. A short reversal is also possible, but not a significant one. The support line at $2,7K might be tested during the week.
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