ForecastCity_ME

GOLD (XAUUSD) - Weekly Technical Analysis Update

FX:XAUUSD   Gold Spot / U.S. Dollar
Midterm forecast:
While the price is above the support 1848.75, resumption of uptrend is expected.
We make sure when the resistance at 1975.00 breaks.
If the support at 1848.75 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:
While the RSI resistance #1 at 62 is not broken, the probability of price increase would be too low.
A peak is formed in daily chart at 1966.52 on 11/09/2020, so more losses minimum to Major Support (1848.75) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index ( RSI ) is 48.

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Comments

Thanks for your ideas
+2 Reply
ForecastCity_ME sara-kian-fx
@sara-kian-fx, You're very welcome! Thank you for your comment.
Reply
Very nice chart.
Good analysis
+1 Reply
ForecastCity_ME Mehmetozdemi
@Mehmetozdemi, Thank you!
+2 Reply
ForecastCity_ME Mehmetozdemi
@Mehmetozdemi, We hope you get the most out of it.
+1 Reply
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