ForecastCity

💡GOLD (XAUUSD) - Weekly Technical Analysis Update

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
Midterm forecast:

While the price is above the support of 1744.50, a resumption of an uptrend is expected.
We make sure when the resistance at 1916.50 breaks.
If the support at 1744.50 is broken, the short-term forecast -resumption of uptrend- will be invalid.
We will close our open trades if the Midterm level 1744.50 is broken.

Technical analysis:

A peak is formed in the daily chart at 1916.50 on 06/ 01 /2021,
so more losses to support(s) 1762.55 and minimum to Major Support (1744.50) are expected.
Price is below WEMA21; if the price rises more, this line can act as dynamic resistance against more gains.
The relative strength index ( RSI ) is 35.

Take Profits:
1762.55
1828.25
1875.15
1959.30
2075. 05


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Comments

Fantastic setup. Can't agree more.
Reply
ForecastCity yusufipek1989
@yusufipek1989, Thanks for your feedback
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Nicely done. Keep it up!
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ForecastCity AR_kooshani
@AR_kooshani, Thank you
Reply
Loved the update thank you
Reply
ForecastCity Mehmetozdemi
@Mehmetozdemi, You're very welcome
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