Technical analysis update: XAUUSD (14th July 2021)

Gold keeps rising as we correctly predicted. RSI, MACD and Stochastics remain bullish. ADX undergoes reset. We decided to change our 1850 USD medium price target to short term price target. In addition to that we would like to set new medium term price target to 1875 USD.

Thoughts from 30th June 2021:

Here we hinted at divergence between RSI and price of gold. We also noted that this would lead to reversal in price direction. Then we achieved price target of 1810 USD.

More thoughts from 11th June 2021:

Here we warned investors about higher volatility around FOMC date and possible plunge in XAUUSD.

Prior developements from 26th May 2021

Here we stated that gold started to reach overbought condition.

Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.

Comment:

"Resistance 2" is really "Resistance 1". It is typo.