Tradersweekly

Technical analysis update: XAUUSD (3rd September 2021)

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Since our last update on 27th August 2021 gold has traveled towards resistance around 1834 USD. It currently trades around 1830 USD. In the following days we will observe gold for strength. We will watch out for breakout above 1834 USD as we remain bullish on gold . Our short term price target remains 1850 USD and our medium term price target remains 1875 USD. We expect gold to continue march higher and surpass all time high over next 12 months.

Technical analysis
RSI is very bullish . MACD crossed 0 points to the upside as we recently predicted. Stochastic is bullish too. All this strongly bolsters bullish case for gold . Current immediate support/resistance sists around 1834 USD. Next major resistance is around 1916 USD. As opposed to that major support level is around 1714 USD while short term support is around 1785 USD.

Prior developements from 23rd August 2021:
Here we predicted crossover in MACD and breaking above 1800 USD pricetag.

Prior developements from 10th August 2021:
Here we noted that price was very attractive for long entry.

Disclaimer: This analysis is not intended to encourage any 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: Hourly timeframe is very oversold: