Gold Technical Analysis and Price Forecast.


Gold plunge almost 3% yesterday as the geo political tension rises in middle east. Gold #XAUUSD falls below $4,000, at the time of writing this on Tuesday Gold is trading near $4,025$. Traders are waiting for USA CPI data announcement. If the CPI data will announce higher than previous or higher then expectation than Gold price may suffer more and might falls below $3,950. However a lower CPI announcement can bring a drastic surge in Gold.
The Relative Strength Index RSI is at 39 lower then the level of neutral highlighting the strong selling pressure. while Moving Average Convergence Divergence MACD orange line is near to flip blue line forming light green histogram indicating that the demand is getting weaker and the hold of bearish momentum.
Resistance $4,120, $4,080 and $4,040-50
Support: $4,000, $3,970, and $3,950
#forex #IranvsUSA #Oil
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