GOLD (XAUUSD) - Weekly Technical Analysis Update

FX:XAUUSD   Gold Spot / U.S. Dollar
Midterm forecast:
While the price is above the support 1764.25, resumption of uptrend is expected.
We make sure when the resistance at 1875.15 breaks.
If the support at 1764.25 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:
While the RSI resistance #1 at 62 is not broken, the probability of price increase would be too low.
A peak is formed in daily chart at 1874.68 on 12/08/2020, so more losses to support(s) 1817.75, 1790.00 and minimum to Major Support (1764.25) 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 47.

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Good call! tnx for sharing it
+1 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, You're welcome!
I think the trend is developing well. Good job my friend.
+1 Reply
ForecastCity Josef_anderson
@Josef_anderson, Yes, it is.
ForecastCity Josef_anderson
@Josef_anderson, Thanks
ForecastCity Josef_anderson
@Josef_anderson, Yes, it is.
ForecastCity Josef_anderson
@Josef_anderson, Thanks for your support.
I don't trade gold much as I don't have much experience with it but your chart seems accurate!
+1 Reply
@fxpays, Thanks for your comment. We hope you enjoy it.
Sounds accurate. Good job!
+1 Reply
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