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Weekly forecast Gold technical chart

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Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateNovember 21, 2020 - 14:06
Currentrange bound
Forecastresumption of uptrend
Last weekBearish

Midterm forecast:

  • While the price is above the support 1848.75, resumption of uptrend is expected.
  • We make sure when the resistance at 1975.00 breaks.
  • If the support at 1848.75 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 1966.52 on 11/09/2020, so more losses minimum to Major Support (1848.75) 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 45.

Supports and Resistances:

  1. 1848.75
  2. 1817.75
  3. 1747.50
  4. 1688.65
  5. 1557.00
Click on the level to view price action history.

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