ForecastCity_ME

💡GOLD (XAUUSD) - Weekly Technical Analysis Update

FX:XAUUSD   Gold Spot / U.S. Dollar
Midterm forecast:
While the price is above the support 1762.05, resumption of uptrend is expected.
We make sure when the resistance at 1902.60 breaks.
If the support at 1762.05 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A trough is formed in daily chart at 1762.05 on 12/14/2020, so more gains to resistance(s) 1875.15 and maximum to Major Resistance (1902.60) 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 43.

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Comments

Very nice chart.
+5 Reply
@Sophi2018, Thank you for your comment. We appreciate it 🌹
Reply
This is great. Very helpful. Thanks
+4 Reply
ForecastCity_ME Megan_forex
@Megan_forex, Happy to be of help!
Reply
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