Gold weekly analysis (TF day)

Gold has an unusual rose due to market panic from responding of China to the US house speaker's visiting Taiwan last week. However, the US dollar has bounced back, and gold had a minor correction last Friday.

Gold is sideways in the upper zone of a downtrend (just above and very close to the upper grey solid line). The market is expected to maintain fluctuations this coming week.
The moving of gold price between 1798-1754 is a neutral level to side-way up. If gold throughs above 1798, it could turn around to an uptrend (wave 3). Otherwise, gold below 1754 for a long time might lead it back to a downtrend (wave c).
Breaking either edge may rapidly choose its direction. Thus, consider locking in profit when you can make money.

The short-term strategy this week is to trade in the channel of 1798-1754 and book each small profit. The market is likely to be choppy. Don't forget to apply your stop loss.

Have a good week!!

Comment:

#Gold #xauusd is breaking 1798, a new high after 5 weeks. It may test 1809 but could not pass this level for its first reach.
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Suggest picking 1805-1807 to sell.
TP 1798/1788
SL set according to your margin

Trade active:

#Gold #xauusd reached 1st TP (1798). If you followed this signal, lock your profit. Next TP is 1788. You may close your position early before 2nd TP (1788)

Trade active:

#Gold #xauusd reached the 2nd TP(1788). If you followed this signal to sell gold, take your profit. The next support is 1778.
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If gold can’t break 1787, it may bounce back. Suggest flipping your position to buy on the dip.

Cheers!

Trade closed: target reached:

#Gold #xauusd reached the 3nd TP(1778)