Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
24 Feb 2020

Gold Price Analysis: Better bid after biggest weekly since August 2019

  • Gold rallied by over 3.7 percent last week to print its best weekly performance since August. 
  • The bias remains bullish despite overbought readings on key indicators.

Gold is on the offensive, having logged its biggest weekly gain in six months last week. 

The yellow metal is currently trading at $1,663 per Oz, representing over 1% gains on the day, having hit a high of $1,681 in early Asia. That was the highest level since February 2013. 

Prices rallied by over 3.7% last week. Gain bigger than that were last seen in the second week of August. 

Overbought?

The daily relative strength index (RSI) is reporting overbought conditions with an above-70 print. The weekly RSI is also echoing similar sentiments. 

The price chart, however, is showing no signs of buyer exhaustion. So, the path of least resistance remains to the higher side. 

The pullback from the session high of $1,681 looks to have run out of steam near $1,658. The dip could attract more bids as the risk-off is in full swing with the futures on the S&P 500 and the Asian equity indices reporting notable losses on the emergence of coronavirus infections in new countries including South Korea, Italy, and Iran. 

Daily chart

Trend: Bullish

Technical levels

 

Feb 24, 2020

S. Korea reports 161 more confirmed coronavirus cases, 7th death on Monday

Following a spurt in new coronavirus cases on Sunday, South Korea reported hundred 161 more confirmed virus cases on Monday, bringing the total to 763
Read more Previous
Feb 24, 2020

China's official coronavirus deaths increased by 97 as of the end of February 22

Mainland China official coronavirus deaths have increased by 97 as of the end of February 22. Meanwhile, South China's Guangdong Province has adjusted
Read more Next