ForecastCity_ME

GOLD (XAUUSD) - Weekly Technical Analysis Update

Short
FX:XAUUSD   Gold Spot / U.S. Dollar
Midterm forecast:
While the price is above the support 1901.20, resumption of uptrend is expected.
We make sure when the resistance at 2075.05 breaks.
If the support at 1901.20 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:
The symmetrical triangle taking shape and as a continuation pattern suggests we will soon see another leg higher if price breaks and closes above the downtrend line of the triangle.
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 minimum to Major Support (1901.20) 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 52.

❤️ If you find this helpful and want more FREE forecasts in TradingView

. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!

❤️ Your Support is very much 🙏 appreciated!❤️
💎 Want us to help you become a better Forex trader?

Now, It's your turn!
Be sure to leave a comment let us know how you see this opportunity and forecast.

Trade well, ❤️
ForecastCity English Support Team ❤️
HighAccurate forecast for
🌟36 Forex Pairs: 916.000 pips track record profit
🌟34 Cryptos
🌟Gold, Silver, Oils, Gas
🌟Best Profitable Trading Strategies

in 9 languages

since 2007

http://www.ForecastCity.com
🌟FREE Telegram http://t.me/forecastcity_com

Comments

Excellent and Comprehensive analysis.
+1 Reply
ForecastCity_ME DenizKilicDeniz
@DenizKilicDeniz, We appreciate your comment.
Reply
ForecastCity_ME DenizKilicDeniz
@DenizKilicDeniz, Thank you!
Reply
Monthly evening star?? clariry..pls
Reply
SL Brack ??
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out