Tradersweekly

Technical analysis update: XAUUSD (18th June 2021)

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Yesterday gold halted its decline at 1767.295 USD per ounce and we saw heavy accumulation below 1800 USD pricetag. MACD remains bearish . RSI and Stochastics show signs of being oversold. In addition to that RSI seems as it wants to reverse back to the upside. However, investors should be wary that drawdawn towards 1750 USD is still possible. Though, we do not have high confidence in such move. Rather we expect gold to stop correcting soon and reverse back to the upside. We set our medium term price target to 1810 USD per ounce.

Our thoughts from yesterday:
Here we warned that gold could continue its decline below 1800 USD.

Here are our thoughts from 11th June 2021:
Here we warned of volatility in gold around FOMC date.

Some prior thoughts from 17th May 2021:
Here we anticipated breakout above upper bound.

Prior developements from 16th April 2021:
Here we correctly predicted move to 1900 USD per ounce.

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: Gold remains flat around the US market open. We think if the US market will continue its weakness over the next week this could negatively affect price of gold in short term and drag it lower with the overall market.
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Trade closed: target reached