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Technical Analysis and Price Forecast for Gold #XAUUSD.
Gold is consolidating above the key psychological support level of the descending wedge pattern, and continues to struggle to pull back. At the time of writing, Gold is currently trading below $4.000. The Dollar continues to strengthen, which is a catalyst for Gold bears.
Traders are waiting for today's Non-Farm Payroll announcement and the US Fed speech; if the results support the dollar, then risk assets like gold and silver could drop sharply. If gold breaks the $3.950 support, then the price could fall below $3.900.
The Relative Strength Index (RSI) is at 32, higher than the oversold level and lower than the neutral level, pointing downward, indicating bearish momentum. Meanwhile, the Moving Averages are approaching a death crossover; the 50-SMA is approaching the 200-SMA, indicating strong bearish momentum.
However, a pullback from the $3.950 support could drive an increase towards $4.100.
P.S.: This is not financial advice; do your own research.
#XAU #forex