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Tuesday, August 24, 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 1676.70, a resumption of an uptrend is expected.
We make sure when the resistance at 1916.50 breaks.
If the support at 1676.70 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

A trough is formed in the daily chart at 1684.50 on 08/09/2021, so more gains to resistance(s) 1789.55, 1828.25, 1848.50, and maximum to Major Resistance (1916.50) is expected.
Price is below WEMA21; if the price rises more, this line can act as dynamic resistance against more gains.
The relative strength index ( RSI ) is 47.

Take Profits:
TP1= @ 1762.55
TP2= @ 1789.55
TP3= @ 1828.25
TP4= @ 1875.15
TP5= @ 1916.50
TP6= @ 2075. 05

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