ForecastCity

💡 GOLD (XAUUSD) - Weekly Technical Analysis Update

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
Midterm forecast:

While the price is above the support 1785.00, resumption of uptrend is expected.
We make sure when the resistance at 1916.50 breaks.
If the support at 1785.00 is broken, the short-term forecast -resumption of uptrend- will be invalid.
We will close our open trades, if the Midterm level 1785.00 is broken.

Technical analysis:

While the RSI resistance #1 at 55 is not broken, the probability of price increase would be too low.
While the RSI support #2 at 38 is not broken, the probability of price decrease would be too low.
A trough is formed in daily chart at 1805.00 on 06/14/2022, so more gains to resistance(s) 1835.02, 1853.78, 1874.33 and maximum to Major Resistance (1916.50) 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 45.

Take Profits:

1785.00
1835.02
1874.33
1916.50
1959.30
2000.00
2075.00

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