💡GOLD (XAUUSD) - Weekly Technical Analysis Update

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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