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 trough is formed in the daily chart at 1750.55 on 06/29/2021, so more gains to resistance(s) 1828.25, 1848.50, 1875.15, and maximum to Major Resistance (1916.50) is expected.
Price is above WEMA21; if a price drops more, this line can act as dynamic support against more losses.
The relative strength index ( RSI ) is 50.

Take Profits:
TP1=1762.55
TP2=1828.25
TP3=1875.15
TP4=1959.30
TP5=2075. 05

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Comments

Always loved your setups and analysis. Keep up the good work 💪. I've learnt so much. 👍
+2 Reply
@gazlad27, Thank you for your comment. We appreciate it.
Glad you found it helpful.
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Impressive setup and excellent explanation 👌 Thank you
+2 Reply
@Lizabet, Thank you for your comment. We appreciate it.
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Thanks for the updated analysis
+2 Reply
ForecastCity sofi_Morphy
@sofi_Morphy, You're very welcome! We hope you enjoy it.
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