ForecastCity

GOLD Weekly Technical Analysis Update

FX:XAUUSD   Gold Spot / U.S. Dollar
Midterm forecast:
While the price is below the resistance 1818.00, beginning of downtrend is expected.
We make sure when the support at 1660.25 breaks.
If the resistance at 1818.00 is broken, the short-term forecast -beginning of downtrend- will be invalid.

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 to support(s) 1802.55, 1779.25, 1765. 05 and minimum to Major Support (1660.25) 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 67.
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Comments

If breaks 1818 will continue uptrend ?
+5 Reply
ForecastCity Dominant_X
@Dominant_X, If the resistance at 1818.00 breaks, the short-term forecast -beginning of downtrend- will be invalid. 💎🙏💎
Reply
Great analysis!
+1 Reply
@Kamryn, You're welcome!👍 we're glad you like it. 💎🙏💎
Reply
Nice chart. Thanks
+1 Reply
ForecastCity Mehmetozdemi
@Mehmetozdemi, It's our pleasure!
Reply
Thanks for the tip! And the chart of course
+1 Reply
ForecastCity Shiva_forex
@Shiva_forex, You're most welcome!
Reply
Any chance of it falling back to 1810 tonight or tomorrow morning before continuation of uptrend?
+1 Reply
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