💡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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I should say that it's an interesting idea. Thank you so much
+1 Reply
ForecastCity Kristalyn
@Kristalyn, You're welcome. It's really good to know you like it.
Thank you 😊 very useful analysis, Cheers 👍
+1 Reply
@Kamryn, Cheers 👍
I'll keep it in my watch list.
+1 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, it's good to know you like it.
Sorry I didn't quite get everything that was stated. Are we looking to short the market or go long cos the market has hit a support level and it's going up now. Who can help me with this please
ForecastCity akpanhappiness11
@akpanhappiness11, Thanks for your comment. Please read the mid-term forecast above.
it's past 1902 right now I think
ForecastCity UnmeshKadam
@UnmeshKadam, Yes, it did.