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chartreader_pro
Aug 7, 2021 3:04 PM

XAUUSD Gold: End of the bullish trend ?  

OANDA:XAUUSD1W
GoldOANDA

Description

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Updating our XAUUSD Weekly Chart.

Jackson Hole Symposium by The Federal Reserve Bank of Kansas City; Aug. 26-28, can be the place of the FED's first strong sign of a new path.

The location of the key support zone is 1765 - 1750 USD/Ounce.

Weekly closing below 1750 ( and the closing below the red trendline ) will add weight on the ounce.

It is early to take a big short position before closing below 1750 USD/Ounce.

Below 1750; our targets are 1720, 1700 1685, and 1640.

Indicators:
Cycle Sniper
Advanced Chart Patterns Tracker

Comment

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The first medium term target is ok
Chart PatternsHarmonic PatternsFundamental AnalysiscycleGoldXAUUSD
Comments
KironKavanagh
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Classic cup and handle formed. Very probably start of strong bullish run. Completely disagree with you
chartreader_pro
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@KironKavanagh, disagree of what? selling after weekly closing below 1750? or "It is early to take a big short position before closing below 1750 USD/Ounce." ?
KironKavanagh
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@chartreader_pro, disagree with that this is the end of the bullish trend
r3199
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I don't think so : )
Getting rid of inflation and virus is not that easy.
chartreader_pro
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@r3199, Wednesday is the US Inflation report... lets wait and see :-)
MAKFX21
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it's just the start
chartreader_pro
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@MAKFX21, :-)
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