Gold Price Forecast And Technical Analysis – 08 November 2022
08 Nov 2022
GOLD Technical Analysis: Weekly Chart
In the weekly charts, Gold is trading in a down channel. Gold is currently trading below all SMA except MA (5).
RSI is in the selling zone which indicates bearishness. MACD is currently below zero which indicates bearishness.
Its immediate support is 1630.00 the resistance level is at 1700.00
Gold will trade in a down channel until there is a trend reversal.
GOLD Technical Analysis: Daily Chart
In the daily charts, Gold was trading in a down channel. Gold is currently trading above all SMA.
RSI is in the neutral zone which indicates neutralness. MACD is currently above zero which indicates bullishness.
Its immediate support is 1645.00 the resistance level is at 1700.00
Gold was traded in a down channel before there is an upside breakout.
How to Trade GOLD this Week:
Gold will follow the downtrend until its trend reversal. So, remain bearish on Gold