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ForecastCity
Aug 22, 2020 6:54 PM

GOLD (XAUUSD) - Weekly Technical Analysis Update 

Gold/U.S. DollarFXCM

Description

Midterm forecast:
While the price is below the resistance 2075.05, beginning of downtrend is expected.
We make sure when the support at 1818.00 breaks.
If the resistance at 2075.05 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 2014.90 on 08/18/2020, so more losses to support(s) 1916.20, 1862.45 and minimum to Major Support (1818.00) 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 51.

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Comments
jamesroxbybro
So is this predicted to go up for now until a drop later on??
Carbenedict
Thank you for the Analysis.
encikatan90
thats mean, will be going up for a while then big fall down to 1800?? 😮😮😮
Kristalyn
Good job
ForecastCity
@Kristalyn, Thank you
DenizKilicDeniz
Excellent analysis. Keep it up 👌
ForecastCity
@DenizKilicDeniz, Thank you for your comment.
Josef_anderson
This is great.
ForecastCity
@Josef_anderson, Thank you for your comment.
Sir_Ray
thanks for sharing
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