ForecastCity_ME

XAUUSD . Weekly Technical Analysis Update for GOLD

FX:XAUUSD   Gold Spot / U.S. Dollar
Midterm forecast:
While the price is below the resistance 2075.05, beginning of downtrend is expected.
We make sure when the support at 1818.00 breaks.
If the resistance at 2075.05 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:
While the RSI support #1 at 45 is not broken, the probability of price decrease would be too low.
A peak is formed in daily chart at 1991.10 on 09/ 01 /2020, so more losses to support(s) 1916.20, 1862.45 and minimum to Major Support (1818.00) 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 49.

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Comments

Very detailed. thx
+3 Reply
@Sir_Ray, You're welcome!
+3 Reply
I cant undrstand plz explan buy this time or sell this time ?
Reply
@ramjane831, As shown in the graph, price is under pressure of both uptrend and downtrend.
Reply
@ramjane831, If it breaks the uptrend line we can enter for Sell trades.
Reply
@ramjane831, If it breaks the downtrend we can enter for BUY trades.
Reply
@ramjane831, But for now, we do nothing until one of these lines breaks.
Reply
ramjane831 ForecastCity_ME
@ForecastCity_ME, thank u very much
+2 Reply
@ramjane831,Happy to help!
Reply
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