ForecastCity

💡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 resistance #1 at 62 is not broken, the probability of price increase would be too low.
A trough is formed in daily chart at 1818.00 on 12/14/2020, so more gains maximum to Major Resistance (1902.60) 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 56.

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Comments

Brilliant update. Keep rocking.🔥👍
+3 Reply
ForecastCity carefulOwl22772
@carefulOwl22772, Thank you for your comment. We appreciate it
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Thanks a bunch for sharing.
+3 Reply
ForecastCity sofi_Morphy
@sofi_Morphy, You're very welcome!
We hope you enjoy it.
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Please update the idea. Thanks
+2 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, Sure. Thanks for your comment.
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I definitely agree with your channel. Thank you, very useful analysis
+1 Reply
@Kamryn, Thanks or your support.
Reply
Thank you for sharing. Clear + concise = very useful.
+1 Reply
ForecastCity datinderlotay
@datinderlotay, Thanks. We're happy you like it.
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