Gold closed this month at $1,798/oz which makes June 2020 the second highest monthly closing price on record. The all-time highest monthly closing price on record was set at $1,831/oz in August 2011. July could easily break the all-time monthly closing high if current upward momentum holds. The June and May price candles both closed yellow which indicates that there is bullish momentum volatility occurring in price, which tend to be upward continuation signals. Short-term support to watch on any pullback are S1 and S2. S1 is near $1,600/oz and just below where price recently broke out into bullish momentum volatility yellow candles. S2 is a little lower down near $1,400/oz and is the last support level at which gold would remain in a bullish trend. Below there would likely lead to a period of consolidation or potentially further declines in price. The bullish move from here would be a continued push higher in July and for a new all-time high in the monthly closing price to be made.
The Relative Strength Index(RSI) shows the green RSI line trending above the purple signal line, and both lines are trending up which indicates bullish momentum behind price. In general both lines trending above 50 is considered bullish price momentum while both lines trending below the 50 level is considered bearish price momentum.
The Price Percent Oscillator(PPO) shows the green PPO line trending above the purple signal line which indicates that there is bullish momentum behind price. During an uptrend you want to see both the green and purple line rising above the 0 level as a bullish momentum indication. Both lines trending down below the 0 level indicates bearish momentum behind price.
The Average Directional Movement Index(ADX) show the green trend line above the purple trendline which indicates that there is a short-term bullish trend behind price. The histogram in the background is green and rising which indicates that the trend behind price is increasing in strength. In general, during an uptrend in price you want to see the ADX showing the green line above the purple line and a rising green histogram in the background.
The overall view on gold remains bullish due to economic uncertainty surrounding the lockdown aftermath as well as the likelihood that central banks will continue to print their way out of a global slowdown. Year-end target remains a new all-time high above $2,000/oz.
The Relative Strength Index(RSI) shows the green RSI line trending above the purple signal line, and both lines are trending up which indicates bullish momentum behind price. In general both lines trending above 50 is considered bullish price momentum while both lines trending below the 50 level is considered bearish price momentum.
The Price Percent Oscillator(PPO) shows the green PPO line trending above the purple signal line which indicates that there is bullish momentum behind price. During an uptrend you want to see both the green and purple line rising above the 0 level as a bullish momentum indication. Both lines trending down below the 0 level indicates bearish momentum behind price.
The Average Directional Movement Index(ADX) show the green trend line above the purple trendline which indicates that there is a short-term bullish trend behind price. The histogram in the background is green and rising which indicates that the trend behind price is increasing in strength. In general, during an uptrend in price you want to see the ADX showing the green line above the purple line and a rising green histogram in the background.
The overall view on gold remains bullish due to economic uncertainty surrounding the lockdown aftermath as well as the likelihood that central banks will continue to print their way out of a global slowdown. Year-end target remains a new all-time high above $2,000/oz.