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Saturday, July 10, 2021

๐Ÿ’กGOLD (XAUUSD) - Weekly Technical Analysis Update

๐Ÿ’กGOLD (XAUUSD) - Weekly Technical Analysis Update

Midterm forecast:
While the price is above the support of 1744.50, a resumption of an uptrend is expected.
We make sure when the resistance at 1916.50 breaks.
If the support at 1744.50 is broken, the short-term forecast -resumption of uptrend- will be invalid.
We will close our open trades if the Midterm level 1744.50 is broken.

Technical analysis:
A trough is formed in the daily chart at 1750.55 on 06/29/2021, so more gains to resistance(s) 1828.25, 1848.50, 1875.15, and maximum to Major Resistance (1916.50) is expected.
Price is above WEMA21; if a price drops more, this line can act as dynamic support against more losses.
The relative strength index ( RSI ) is 50.

Take Profits:
TP5=2075. 05

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