Technical analysis update: XAUUSD (30th June 2021)

Drop in XAUUSD this week may be perplexing to many people. However, yesterday we outlined case for divergence between price and RSI. This is very positive developement for price of gold. Our short term price target remains 1810 USD per ounce.

Our prior thoughts from 28th June 2021:

Here we covered technical indicators and outlined case for divergence between price and RSI. We expect price to get back above support line very soon.

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:

Price travelled back above support line as we anticipated.

Comment:

Interesting setup appears.

Trade active:

Price of XAUUSD reached 1809.07 USD today. Shy about a dollar of our short term price target.

Trade closed: target reached:

Short term price target of 1810 USD per ounce has been reached.