Gold slipped to a multi-week low eyeing a test
This week, Gold slipped to a multi-week low eyeing a test of well-known technical levels. Where could XAU/USD rebound?
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Gold Technical Analysis
· XAU/USD trend changes from neutral to bearish
· Bearish momentum may accelerate below $1,861
Bulls Pullback
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On September 16, Gold rallied to an over two-week high at $1,973 then retreated after as bulls seemed to cut back. Ultimately, a weekly candlestick closed with a Doji pattern highlighting the market indecision. The Relative Strength Index (RSI) remained flat then crossed below 50 on Monday signaling a possible start of bearish momentum.
Gold Daily Price Chart (August 6 – September 23, 2020)