ForecastCity_ME

GOLD Weekly Technical Analysis Update

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
Midterm forecast:
. 1818.00 is a major support, while this level is not broken, the Midterm wave will be uptrend.

Technical analysis:
. While the RSI uptrend #1 is not broken, bullish wave in price would continue.
. A peak is formed in daily chart at 1818.00 on 07/07/2020, so more losses minimum to Major Support (1818.00) 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 83.

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