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 1640.00 the resistance level is at 1720.00

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 below all SMA.

RSI is in the neutral zone which indicates neutralness. MACD is currently below zero which indicates bullishness.

Its immediate support is 1650.00 the resistance level is at 1720.00

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.

TRADE SUGGESTION- SELL AT 1682.61, TAKE PROFIT AT 1640.00 AND STOP LOSS AT 1720.00