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Gold #XAUUSD Technical Analysis and Price Forecast.
Gold is consolidating above the key psychological support of descending wedge pattern, and continuously struggling to make a pullback. At the time of writing the Gold is currently trading below $4,000. Dollar continuously gaining strength that is working is a catalyst for Gold bears.
Traders are waiting for todays Non-Farm payroll announcement and USA Fed speech, if the result will come in the favor of dollar then risk asset like gold and silver may drop sharply. If gold breakdown the support of $3,950 then the price may fall below $3,900.
The Relative Strength Index RSI is at 32 higher then the oversold level and lower then level of neutral aiming downward indicating the bearish momentum. While Moving Averages are near to make a death crossover 50-SMA is near to 200-SMA indicates the strong bearish momentum.
However a pullback from the support of $3,950 can extend the pump towards $4,100.
P.s: This is not a financial advice do your own research.
#XAU #forex #TradingSignal