XAUUSD weekly analysis per 22 Aug 2022
Weekly technical analysis
1. EMA 200 -> Bullish
2. RSI -> the RSI line is above on oversold level yet it is below the 50 line. the lower low of RSI line is ongoing due which marks the downtrend is gradually slowing
3. Major key level
Major key levels are levels that have not been broken by the price
a. Resistance - 2074
b. Support - 1677
Conclusion
Although the market outlook is bullish, the current trend is on sideways
1. EMA 200 -> Bullish
2. RSI -> the RSI line is above on oversold level yet it is below the 50 line. the lower low of RSI line is ongoing due which marks the downtrend is gradually slowing
3. Major key level
Major key levels are levels that have not been broken by the price
a. Resistance - 2074
b. Support - 1677
Conclusion
Although the market outlook is bullish, the current trend is on sideways
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