GOLD (XAUUSD) - Weekly Technical Analysis Update

FX:XAUUSD   Gold Spot / U.S. Dollar
Midterm forecast:
While the price is above the support 1747.50, resumption of uptrend is expected.
We make sure when the resistance at 1848.75 breaks.
If the support at 1747.50 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 1898.75 on 11/16/2020, so more losses minimum to Major Support (1747.50) 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 31.

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Thanks for the update
+3 Reply
ForecastCity DenizKilicDeniz
@DenizKilicDeniz, You're very welcome!
+1 Reply
It's the right choice.
+2 Reply
@Kamryn, Thanks for your comment.
+1 Reply
Thank you for sharing such a fantastic chart
+2 Reply
ForecastCity Kristalyn
@Kristalyn, You're welcome.
+1 Reply
Superb! 🔥
+2 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, Thank you for your comment. We appreciate it
+1 Reply
I Agree with you but at 1950 then Down again,Vaccine will hurt gold for sure
+2 Reply
ForecastCity Karimdamian
@Karimdamian, Thank you for sharing your feedback.
+1 Reply