GOLD Weekly Technical Analysis Update

FX:XAUUSD   Gold Spot / U.S. Dollar
Midterm forecast:
. While the price is below the resistance 1818.00, beginning of downtrend is expected.
. We make sure when the support at 1660.25 breaks.
. If the resistance at 1818.00 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:
. While the RSI uptrend #1 is not broken, bullish wave in price would continue.
. A peak is formed in daily chart at 1818.00 on 07/07/2020, so more losses to support(s) 1802.55, 1779.25, 1765. 05 and minimum to Major Support (1660.25) is expected.
. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
. Relative strength index ( RSI ) is 67.
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Nice analysis as usual
+1 Reply
@Sir_Ray, πŸ€ πŸ’Ž πŸ€
Looks good
+1 Reply
@Kamryn, Thank you πŸ€
Thanks a lot
+1 Reply
ForecastCity_ME Josef_anderson
@Josef_anderson, You're welcome πŸ’™
Your analysis is very accurate.

And I really liked your trading strategy for Longterm forecasts.
+1 Reply
ForecastCity_ME Best_Forecast
@Best_Forecast, Thanks for your feedback
Thanks... I will keep an eye on this...
+1 Reply
ForecastCity_ME Shiva_forex
@Shiva_forex, You're very welcome πŸ’™ πŸ€ πŸ’™
+1 Reply
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