#XAUUSD #weekly_outlook
Gold weekly outlook (4 hour chart)
Technical analysis:
The RSI(14) and the RSI(3) both indicate possible downwards correction.
The price is above the EMA(24) and EMA(120) which is advantage for bulls.
Fundamental:
Gold prices pulled back after U.S. Federal Reserve Chair Jerome Powell said he expected inflation to ease next year and that the U.S. central bank was on track to begin winding down its stimulus.
What the possible outcomes are :
Despite
the bearish sentiment, an
upwards correction to
1,800,
1,806 and
1,813 is possible.
Any upward movement might be seen as correction and good opportunity for opening short positions.
Contrarily, a decrease in the price under
crucial support level of 1,790 will lead the gold to the following levels of
1,785 and
1,778.
