Gold will drop below 1400$ Soon : XAUUSD Weekly
XAUUSD is trading inside a downtrend channel on the weekly timeframe, currently, the price is holding support above 1450$. Falling channel resistance is at 1490$ which should be difficult to break.
Moving averages:
Gold is trading below 21MA on weekly, 21MA is acting as resistance as of now, next MA Support is at 1385$.
MACD:
Weekly MACD is bearish and indicating possibilities of more drop in the coming weeks.
Trade Signal:
Direction: SHORT
Entries: 1480-1510$
Exit: 1390-1420$
STOP: 1530$
Timeframe: 3-6 weeks
Moving averages:
Gold is trading below 21MA on weekly, 21MA is acting as resistance as of now, next MA Support is at 1385$.
MACD:
Weekly MACD is bearish and indicating possibilities of more drop in the coming weeks.
Trade Signal:
Direction: SHORT
Entries: 1480-1510$
Exit: 1390-1420$
STOP: 1530$
Timeframe: 3-6 weeks