💡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 40 .

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appreciate all your work, shall i wait to buy as im not in any positions atm
+3 Reply
ForecastCity hoodrhys86
@hoodrhys86, Thank you for your comment. We appreciate it 🌹
Thanks for being accurate almost all the time. Appreciate your help.
+2 Reply
ForecastCity sofi_Morphy
@sofi_Morphy, You're very welcome!
We hope you enjoy it.
I'm really not so sure how it works but I did enjoy your idea. Thanks
+1 Reply
ForecastCity Best_Forecast
@Best_Forecast, You're welcome. 🌹
Let's see how the new president's plans will effect the economy of the USA. I think USD will play strongly soon.
+1 Reply
ForecastCity Kristalyn
@Kristalyn, Thanks for your comment. Here you see the idea based on the technical analysis. 🌹
I consider to have a look at your informative posts every day.
+1 Reply
@Sir_Ray, Thanks 🌹
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