ForecastCity_ME

GOLD (XAUUSD) - Weekly Technical Analysis Update

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 uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 2014.90 on 08/18/2020, 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 51.

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Comments

Excellent
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ForecastCity_ME Josef_anderson
@Josef_anderson, Thank you
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Good job!
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@Kamryn, Thank you for your comment.
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Many thanks for sharing.
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@Sir_Ray, Our pleasure!Thank you for your comment.
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