12/29/2021
XAU/USD TECHNICAL FORECAST
Gold is back near the 200-day Simple Moving Average (SMA), with the 1800 psychological level in focus as well. A Rising Wedge pattern is also taking shape, opening the door for a potential breakdown below support. If prices manage to avoid that and hold above 1800, it may open the door for gold to test a level just above 1830 that served as major resistance from July To September. MACD and RSI are oriented sharply lower. Overall, it appears the path of least resistance may be to the downside.
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