#XAUUSD #weekly_outlook Gold mid-term outlook (4 hour char | OctaFX Analytics

#XAUUSD #weekly_outlook

Gold mid-term outlook (4 hour chart)

Technical analysis:
The RSI, which is under 50, together with the CCI indicates possible movement downwards.
The price is under MA (200), suggesting that the downwards movement may prevail.

Fundamental:
Gold trimmed a fourth weekly gain as Treasury yields clawed back some losses made in the wake of dovish comments from Federal Reserve Chair Jerome Powell.

What the possible outcomes are :
The crucial level is 1,810 .
If the price fails under the 1,810 level, we may see a decline to the next support level at 1,796.
A decrease in the price under this support level will lead the gold to the following levels of 1,739 and 1,709.
Contrarily, the pair may rebound from 1,810 and rise towards the resistance level of 1,826.
If the pair manages to surpass this resistance level, we should expect a continued surge towards the resistance level of 1,856.