Technical analysis
The EMA(100) is higher than the EMA (50), which is beneficial for bears
The RSI is below 50
The MACD line is slightly below 0 and shows that the downtrend may prevail.
What the possible outcomes are
The XAUUSD pair is pressured towards yesterday’s lows of 1,805.
In our most likely scenario, XAUUSD may experience a downward correction towards the first support level of 1,805.59.
If the price passes the first support level, we can expect a continued downtrend towards the second support level of 1,800.02.
Conversely, it’s possible to see the pair rise towards the first resistance level of 1,823.75.
If the pair manages to surpass the first resistance level, we should expect a continued surge towards the second resistance level of 1,833.03.
Key levels
Support 1,805.59 1,800.02
Resistance 1,823.75 1,833.03
