Gold trend is up slightly at the beginning of next week
Updated
⚡️At the end of the week, spot gold XAU/USD recovered slightly to $1,890, but it remains poised for a 1% weekly drop, the fourth consecutive weekly drop. The metal appears to be consolidating losses after seeing the red for the previous four days and also bullish on risk aversion as the market worries about the health of the Chinese economy.
⚡️The bulls are trying to recover but are still deep in the negative zone. With an ascending slope below its midline, the Relative Strength Index (RSI) shows the possibility of increased buying pressure, while the Moving Averages Convergence (MACD) shows middle red bars count.
Support levels: $1,870, $1,850, $1,830
Resistances: $1,900, $1,906
⚡️The bulls are trying to recover but are still deep in the negative zone. With an ascending slope below its midline, the Relative Strength Index (RSI) shows the possibility of increased buying pressure, while the Moving Averages Convergence (MACD) shows middle red bars count.
Support levels: $1,870, $1,850, $1,830
Resistances: $1,900, $1,906
Comment
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Gold prices held steady at around $1,890 during the US session on Friday and looks set to record its lowest weekly close in five months. Rising US Treasury yields and related headlines from China forced XAU/USD to hold its ground throughout the week.Comment
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Gold has hit the trendline according to our analysis
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