Gold sold-off 2% on Friday, loses $56 on the week. XAU/USD could see a quick pullback before the downside resumes. Daily RSI has pierced through the midline, into the bearish zone. Gold (XAU/USD) recovered some ground into the weekly closing, although booked a 2% loss on Friday. The sell-off knocked-off the metal to the weakest levels in three weeks at $1828. Gold Price Chart: Daily The price cut through all the key daily moving averages (DMA) on its downside break of the ascending triangle formation on the daily chart. However, the XAU bulls recovered to $1848 levels, having recaptured the critical 200-DMA at $1839 as the week drew to an end. The spot lost as much as $70 on Friday while eroding $56 on a weekly basis. The triangle breakdown validation prompted the 14-day Relative Strength Index (RSI) to pierce the midline from above, entering into the bearish zone. All in all, the path of least resistance appears to the downside, although a dead cat bounce towards the horizontal 50-DMA at $1869 cannot be ruled, as the price managed to close the week above the 200-DMA. On the flip side, the sellers remain poised to test the $1800 level, below which the four-month lows of $1764 could be challenged. Gold Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CAD Forecast Jan. 11-15 2021 – Loonie steady as US, Canada posts weak jobs data Kenny Fisher 1 year Gold sold-off 2% on Friday, loses $56 on the week. XAU/USD could see a quick pullback before the downside resumes. Daily RSI has pierced through the midline, into the bearish zone. Gold (XAU/USD) recovered some ground into the weekly closing, although booked a 2% loss on Friday. The sell-off knocked-off the metal to the weakest levels in three weeks at $1828. Gold Price Chart: Daily The price cut through all the key daily moving averages (DMA) on its downside break of the ascending triangle formation on the daily chart. However, the XAU bulls recovered to $1848 levels, having recaptured the critical… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.