Technical analysis update: XAUUSD (9th July 2021)

Recently we correctly predicted reversal in the downtrend of smaller degree (correction). Subsequently our price target of 1810 USD per ounce was reached. Currently, RSI, MACD and Stochastics are bullish. Our new medium term price target is 1850 USD per ounce.

Thoughts from 30th June 2021:

Here we hinted at divergence between RSI and price of gold. We also noted that this would lead to reversal in price direction.

More thoughts from 11th June 2021:

Here we warned investors about higher volatility around FOMC date and possible plunge in XAUUSD.

More thoughts from 19th May 2021:

Here we observed that gold was reaching overbought condition.

More prior developements from 16th April 2021:

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:

Stop loss below yellow line (support).