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XAUEUR May Get a Correction According to RSI

March 10, 2021
in ANALYSIS, DAILY UPDATES, Home, MARKETS, Spot Metals, Technical Analysis
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XAUEUR May Get a Correction According to RSI
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XAUEUR Daily Chart

Gold against Euro maintains a bearish look after breaking the long-term white trend line while the price moving to the downside within the medium-term blue bearish trend channel. But an upward correction may be imminent. Since mid-2018 whenever RSI turned to upward form near the oversold point, 30, XAUEUR entered a short or medium-term bullish trend, sometimes a mere correction period. A possible correction may be limited if 1478 or 1520 resistances hold.

For downside moves, the %50 level of the 2018-2020 rise is at 1380 and can be followed as a major support.

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