Technical analysis
At the moment, the price trades at 1,776.72
It lies in between the EMA(50) and EMA(100)
The EMA(100) lies higher than the EMA (50), which is favorable for the bears
The MACD indicator reads below 0, with the signal line pointing slightly down
The RSI is below 50.
What the possible outcomes are
XAUUSD retreated from 1,800 and consolidated near 1,775. Further consolidation is more likely. At the same time, today’s release of economic figures (GDP) may influence the price.
The RSI is below 50, suggesting a downside.
If the price breaks the initial support level of 1,767.55, it could test the next one at 1,752.49.
Alternatively, if the price reverses, then it could reach the first resistance level of 1,796.03. A pass above the first level can fuel the bulls toward 1,827.22.
Key levels
Support 1,767.55 1,752.49
Resistance 1,796.03 1,827.22
