Technical analysis of GOLD 03/05/2021
Gold quotes on the weekly chart show a downward correction and are currently in the area of 1700.00. The technical picture suggests a continuation of the correction to the area of the support level of 1673.00 at which (50% Fibo) intersect with the trend line and (MA100).
The divergence on the RSI indicator favors the continuation of the downward movement.
The signal to cancel the option to continue the decline will be the quotes growth above last year’s maximum of 2075.00.
Created by Joshua Hayn