XAUUSD TECHNICAL ANALYSIS: We unravel important patterns and indicators as we delve into the technical nuances of gold in this succinct overview. Experienced and novice investors alike can learn a great deal about the patterns that are shaping the ever-changing gold market and what is to come.
Gold needs to close above 2081.82 on the weekly by the end of next week, however the RSI needs to be above 66.14 to avoid any divergence.
If gold manages to achieve the said conditions then this will be a huge range break for gold since Sep 2020
On daily Gold is not showing any weakness, nearest support is at 2005 level. However there are no potential risks of divergence as of yet.
If a local high is established on 4hr time frame then there could be a very small pull back down to 2050 level which is currently the nearest support. Although no major concerns could be seen as long as we are above the said level.
