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, resumption of 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 daily chart at 1832.65 on 07/29/2021, so more losses to support(s) 1762.55 and minimum to Major Support (1744.50) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index ( RSI ) is 32.

Take Profits:
1762.55
1828.25
1875.15
1959.30
2075. 05

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Comments

Clear, and detailed analysis. 👍 Thanks!
+1 Reply
ForecastCity Mehmetozdemi
@Mehmetozdemi, Glad you found it helpful
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amazing content and really appreciate the effort and detail put into this. will be looking at gold closely this week and this has made everything much easier for what to look for and key points for Gold. Thank you for this content. will be following
Reply
ForecastCity ajaydonguy
@ajaydonguy, It's our pleasure! Thank you for your comment.
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ForecastCity callbackfreefire326
@callbackfreefire326, Thank you for your comment.
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